HACKENSACK, N.J. — Bergen County has received the highest possible short-term credit rating from Moody’s, a move county officials say will help lower borrowing costs and save taxpayers money on future projects.

County Executive Jim Tedesco announced Friday that Moody’s assigned a MIG 1 rating to financing issued through the Bergen County Improvement Authority.

A MIG 1 rating reflects “superior credit quality” and an exceptional ability to meet short-term financial obligations, according to Moody’s.

Tedesco said the rating will allow the county to secure financing at lower interest rates, reducing borrowing costs and freeing up more money for public projects.

“Paired with our recently reaffirmed Moody’s Aaa bond rating, Bergen County continues to lead with exceptional financial strength and disciplined fiscal management,” Tedesco wrote in a social media post.

County officials pointed to projects such as the modernization of Bergen New Bridge Medical Center as examples of investments that could benefit from lower financing costs.

The announcement comes as local governments across New Jersey continue to face rising construction costs and pressure to fund infrastructure and health care improvements while keeping property taxes in check.

Bergen County’s Aaa bond rating, the highest long-term rating issued by Moody’s, was recently reaffirmed, and officials said the new MIG 1 designation further strengthens the county’s borrowing position.

Tedesco said the combined ratings demonstrate the county’s “exceptional financial strength” and its ability to manage taxpayer dollars responsibly.