Fitch Ratings has upgraded Essex County, N.J.'s general obligation and county guaranteed bonds to AA from AA-minus Monday.
The county has $121 million in GO bonds outstanding and $534 million in county guaranteed bonds outstanding.
Key rating factors include the strong and effective management team in government, wrote Fitch director Kevin Dolan. The leadership has proactively worked to control expenses, create operational efficiencies and new revenue sources, he wrote.
Essex County also enjoys a diverse mix of employers including government, health, education and corporate sectors, Dolan wrote.
The county's overall debt levels are moderate at $2,915 per capita and 2.6% of 2012 equalized market value. Fiscal 2012 debt service levels were a rather high percentage of county expenditures but the debt service levels will benefit from rapid amortization in the next 10 years, Dolan wrote.
The unemployment rate was a high 9.6% in April 2013. Income levels are below state averages but above national averages.
Essex County has about 784,000 residents. It is in east central New Jersey and encompasses Newark.
