Moody's Investors Service said it has upgraded the borough of Point Pleasant, N.J., to Aa3 from A1 and assigned a Aa3 to the borough's $8.7 million general obligation bonds, Series 2015, consisting of $7.3 million in general improvement bonds and $1.4 million in water/sewer utility bonds.
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The upgrade affects approximately $17.1 million of outstanding parity debt.
Post-sale, the borough will have $25.8 million in rated long-term GO debt.
The upgrade to Aa3 reflects the borough's positive financial trend, substantial tax base, and above-average wealth levels.
