Buying Moody’s Rating

In bragging about an AAA rating from Moody’s:
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What was not mentioned was how much that rating cost county taxpayers – especially recently.

According to the check registry:
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MOODYS UC PAYMENTS

FITCH-UC

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4 responses to this post.

  1. Posted by rGin on February 25, 2017 at 12:48 pm

    I appreciate your staying on top of the county budget, but in this case, I disagree with the point you are making. Moody’s charges these services to everyone for ratings. The county would have to pay Moody’s to attain a rating. To say they paid for a “AAA” is misleading vis-a-vis how bond ratings work. You run the risk of discrediting actual waste by the county by picking on more legitimate areas of spending.

    Reply

  2. Posted by bpaterson on February 25, 2017 at 4:07 pm

    JB1- interesting your claim on moodys, and the article and then rgins defense of moodys: the real takeaway is- you just cant trust anyone anymore when deals are all done on upper floor levels with govt involved. IN the years of federal investigation of moodys leading up to their settlement and huge near billion dollar fine, i would hope that moodys is on the up and up on rating the county. But with NJ’s multiple billions of $ of bonds over the years and the possible promise of future billions due to pension obligations, etc all providing rich fees that moodys can charge, there just may be politics involved behind doors. Its NJ afterall. We also must recognize there is normally 3 rating agencies that rate NJ and its govt entities, the other 2 being fitch and standard & poors. The intriguing question is what have the other 2 given union county as a rating. I am sure that the county used the highest of the 3 to proudly extol that no matter what the county govt operations cost, Union county can always rely on good ol summit to pick up the tax slack. And the pigs are at it again, raising county taxes another $10 million so summit will be dinged big time once more. We need an alliance of at least 4-5 towns to stand up and say no more taxation and hold back county taxes–it would make great media coverage of the corrupted county system and finally force some tax relief back to the overburdened taxpayers.

    Reply

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