Township Secures Lowest Interest Rates in Memory
MONROE TOWNSHIP – May 26, 2021 – In yet another affirmation of Monroe’s strong fiscal position, Standard & Poor’s has given the Township an “AA+” bond rating, the second highest bond rating assigned by the company and only awarded to 10% of municipalities nationwide. The Township’s short term borrowing rate is SP 1+, the highest rating available in that category.
Such a strong rating underscores the strong creditworthiness of Monroe as an issuer of bonds, signifying the municipality has strong financial backing, excellent credit reserves, and limited debt.
Because of such a strong bond rating, following a detailed review of the Township’s finances by third-party independent fiscal experts at Standard & Poor’s, Monroe can borrow money at the lowest interest rates available. During a May 25 bond sale, the Township secured its lowest interest rates, in memory, with 1.43% rate for a 15-year-bond and 0.20% for a one-year bond. These rates, which are lower than expected, will save the township approximately $130,000 in 2022.