Camden County has received some good fiscal news.
Standard & Poor’s has upgraded Camden County’s bond rating from AA- to AA.
The upgrade will save the county money when it goes to the open market to borrow funds, said Lou Cappelli, director of the county freeholders.
“It’s a lot cheaper for us to borrow money,” he said. “Obviously the rating agency has taken a look at our finances in Camden County. They have come to the understanding that we are managing the taxpayers’ money very well and they’ve upgraded our bond rating, which is great news for the residents.”
The upgrade also signals that Wall Street sees a promising future for the county’s economy, Capelli said.
“This also is a recognition by the bonding agency that there is potential for economic growth within the county as well,” he said. “I think there is a potential of additional revenues as we begin redevelopment in Camden City and throughout the county.”
Officials say they are not sure exactly how much will be saved by the rating upgrade.