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Kenilworth cites strong bond sale after Moody's affirms AA2 rating; closing set for Feb. 26
Summary
Council reported a competitive bond sale after Moody's affirmed a double‑A2 rating; the winning bid came from TD Financial Products LLC and the borough expects a 13‑year issuance with a reported interest cost of about 2.86%. Closing is scheduled for Feb. 26; the finance committee will review the 2026 budget.
Councilman Morrow reported on the borough's recent bond sale, saying Moody's maintained a double‑A2 rating and the borough received eight competitive bids, with TD Financial Products LLC submitting the winning proposal. "We recently completed our ratings call with Moody's, and I'm pleased to report that we've maintained our double a 2 rating," Morrow said.
Ken, the borough's chief financial officer, told the council the sale drew strong interest and said the total interest cost is approximately 2.86% for a 13‑year bond issuance; the transcript did not provide a clear principal amount. He said the bond closing is scheduled for Feb. 26 and described the bidding process as competitive.
The finance chair said the strong rating and winning bid signal market confidence in the borough's fiscal position and that staff, auditors and bond counsel had prepared for the issuance. Councilman Morrow said the finance committee will meet soon to begin work on the 2026 municipal budget and to review outstanding items.
The report included a brief operational note that the finance office, auditors and bond counsel coordinated the issuance and that detailed budget discussions will follow in committee.
