Camden had some good news as the year winds down: Its credit rating didn’t go down this month, the mayor’s office said.
That may not sound like much. But it seems like credit ratings have been drooping everywhere else. Moody’s Investors Service just downgraded bond ratings for Ewing and Clementon. Collingswood’s rating famously plummeted six notches last September – from A1 to Ba1.
So, as the rest of the world goes to Hell, you would expect things to be that much worse for one of the poorest cities in America.
But instead, Moody’s removed the City of Camden’s rating from review for possible downgrade and confirmed its admittedly already below-investment-grade rating of Ba2.
“The fact that Moody’s did not downgrade our rating despite the conditions of the national economy is a positive sign that the City of Camden, under the leadership of Mayor Redd, is making progress on improving its financial books,” the city’s Finance Director Glynn Jones said.
There’s much to be said for … well, for already having been so bad off. Camden had to start getting its act together awhile ago. Now the rest of us do.