(Camden, NJ) – Mayor Victor G. Carstarphen announced yesterday that Standard & Poor’s Ratings Services (S&P), the global municipal rating agency, has upgraded the City of Camden’s investment grade bond rating from A- to A while maintaining its “stable outlook.” This is the City’s highest bond rating in nearly half a century and Camden’s third upgrade in ten years. Over the last decade, the City has steadily moved from sub-investment grade ratings to today’s A rating. S&P increased Camden’s rating to an investment grade BBB+ in 2014. Then in 2019, Camden was assigned a “positive outlook” which was a result of the City’s unprecedented economic growth and due to structural improvements made in the City’s credit fundamentals. In 2021, S&P upgraded the rating again to an A-. Camden’s corporate partners and stakeholders responded to the rating upgrade with resounding enthusiasm as confidence in the Camden market steadily improves.

“Congratulations to Mayor Carstarphen and his team for their work to ensure a brighter economic future for the City of Camden. Campbell's 150-year-plus relationship with Camden is special, and we are proud to be a part of the city’s continued transformation,” said Campbell’s President and CEO Mark Clouse.

“American Water congratulates Mayor Carstarphen and his team for receiving a rating upgrade from S&P,” said M. Susan Hardwick, President and CEO of American Water. “Strong leadership and sound fiscal policies have positioned the City for a brighter economic future and American Water is proud to call Camden our home.”

“Since moving to Camden, we have witnessed a resurgence of economic activity in the City. The Mayor has been working hard to take Camden to the next level and its recent bond rating upgrade from S&P is a testament to their work. The 76ers applaud the City’s efforts and are thrilled to play a role in the continued growth of Camden,” said Lara Price, COO of the Philadelphia 76ers.

“Achieving financial stability is the goal of any small business. The City of Camden’s recent investment grade upgrade from A- to A from S&P provides confidence to small business owners because it demonstrates that the City is serious about keeping its financial house in order. I commend Mayor Carstarphen and his staff for this well-deserved accomplishment,” said Ray Lamboy, President and CEO of the Latin American Economic Development Association.

“Camden’s financial stability is a key component that business leaders look at when making significant decisions about the future of their company. With S&P’s latest upgrade to the City’s investment grade bond rating, Camden remains on a trajectory for even greater success. EMR is honored to call Camden home for many years and looks forward to continue celebrating the City’s progress under Mayor Vic Carstarphen,” said EMR USA Holdings, Inc. President Joe Balzano.

“The Michaels Organization is extremely pleased to learn about the City’s recent upgrade to its bond rating. Establishing confidence from a rating agency such as S&P and investors is the cornerstone for any organization’s financial well-being. This accomplishment further demonstrates that Camden remains a sound investment for future economic development,” said John O’Donnell, CEO of The Michaels Organization.

Over the past decade, the City has witnessed unparalleled revitalization and has made sound investments in the future development of Camden. The City continues to receive national attention for 50-year lows in crime, realized $3 billion in new economic growth, and 30-year lows in its unemployment rate. Hundreds of millions of dollars have been committed to park enhancement, new infrastructure like roadway resurfacing, underground utilities, lighting, electrical and sub-station upgrades.

A bond credit rating represents the credit worthiness of corporate or government bonds. The ratings are published by credit rating agencies, such as S&P, and used by investment professionals to assess the likelihood the debt will be repaid. The view the S&P Global Rating Report, visit: https://www.ci.camden.nj.us/wp-content/uploads/2024/01/SP-Report-Camden-New-Jersey2024.pdf

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