Collingswood Mayor Jim Maley has been bragging that the Standard & Poor's credit agency last week gave Collingswood borough an AA rating, just two notches below its highest level and about what you might expect from a solid suburban town where investors have lately been rehabbing and upgrading the aging downtown and adding market-priced apartments..
By contrast, Moody's Investors Service just rated $29 million in Collingswood debt several notches lower, at Baa2 (corrected). And that's progress, by Moody's standards: Moody's cut Collingswood's rating six notches, to junk bond status, two years ago as it struggled to refinance a failing apartment complex. This is the second measured improvement in Collingswood's Moody's rating since the big cut temporarily put the borough off limits to conservative investors. Moody's says borough debt is now a mainstream bet again, but not quite back to very-low-risk status.