MIDDLETOWN — Moody’s Investor Service has upgraded its bond rating for $32.8 million in outstanding debt for Middletown, citing the town’s continuous annual growth and strong conservative practices to shore up its reserves. Moody’s upgraded Middletown from A1 to Aa3, which is four steps from the highest-ranking bond rating a municipality can achieve. Moody’s cited […]
LEWES — An independent sea salt maker is now exploring wholesale accounts with restaurants and retail locations on a limited basis, as the startup company looks to grow revenue and operations to meet booming sales. Seven months after opening for business online, Henlopen Sea Salt is now found in six retail locations in the Lewes […]
BEAR – The warehouse and distribution market has rocketed throughout the COVID-19 pandemic, and Dot Foods is no exception. Dot Foods is looking to hire at least 50 more employees at its Bear warehouse, pushing its employment base to at least 228 in Delaware. That would surpass the goal of 200 employees by 2022 that […]
DAGSBORO — NRG Energy plans on closing its last coal-fired power plant on Delaware’s Indian River come June 2022, leaving its roughly 50 employees seeking new positions but also possibly opening an opportunity for future offshore wind projects. The 410-megawatt Indian River Generating Station is one of three coal plants NRG will retire next year, […]
GEORGETOWN — The Counting House Restaurant and Pub will close at the end of June, embattled by the financial fall-out of the COVID-19 pandemic. But restaurateur Bill Clifton is not down for the count. Milford officials told the Delaware Business Times that Clifton has toured various vacant businesses for a possible new restaurant location, […]
GLASGOW — A cocoa product manufacturer is expanding its operations to further maximize the return found in a single bean in the chocolate manufacturing market. United Cocoa Processor (UCP), a cocoa processing plant located in Pencader Corporate Center, is on track to finish renovations to its Newark facility this summer. With a second roasting line, […]
WILMINGTON – After 460 days of living amid the global COVID-19 pandemic, a significant milestone is in sight as Gov. John Carney announced Tuesday that he intends to lift Delaware’s state of emergency order on July 13. First signed on March 12, 2020, the day after the state announced its first COVID-19 case, the order […]
REHOBOTH BEACH — Back when the uncertainty of the coronavirus pandemic hovered over Delaware’s beach towns, the hope was that the summer of 2021 would see a crush of tourists return. When it comes to the hotel and home rental market, that prediction came true. “It’s absolutely true. The Bellmoor closed its best April in […]
A Brewing Industry LAUREL – On a hot day on a dusty manufacturing site, the air at Proximity Malt was slightly sweet with a touch of bitterness, almost like freshly-made salted caramel or honey. But that scent could change, given the day of the week and what grains Delmarva farmers bring in for the company […]
Against a backdrop of a global pandemic, disrupted exports, trade fights and influx of federal aid, Delaware farmers continued to plant their crops. Now, like farmers across the nation, they are reaping the fruits of their labor. “There were a few hiccups with supply disruption, but if you’re a grain farmer right now, there’s a […]
MIDDLETOWN — Moody’s Investor Service has upgraded its bond rating for $32.8 million in outstanding debt for Middletown, citing the town’s continuous annual growth and strong conservative practices to shore up its reserves.Moody’s upgraded Middletown from A1 to Aa3, which is four steps from the highest-ranking bond rating a municipality can achieve. Moody’s cited positive annual growth for a tax base valued at $761 million, with a five-year average annual growth of 3.1%, according to the report Moody’s issued in early June.The news was heralded by Mayor Kenneth Branner, thanking the Middletown staff and the council for their hard work in improving the town’s financial standing.“Without them, we certainly wouldn’t be able to complete all the projects we have. We never missed a beat this entire year, even though I know a lot of you have been inconvenienced,” Branner said on June 7. “Especially thanks to the mayor and council, for sticking to the budget process we have since it totally reflects in the bond rating.”Bond ratings carry heavy weight because higher grades translate into lower interest costs in repayment of the bonds. Rating agencies look at a variety of criteria, including a state’s economy, government’s financial performance and management, debt load, long-term costs, and political structure.Municipalities and states which analysts believe could withstand recessions or economic downturns are awarded higher ratings and seen as safer risks.Moody upgraded Middletown from A1 to A2 in April 2017, and the town has maintained a S&P Global Ratings of AA-, three steps from the highest rating possible, with a stable outlook. The S&P Global Rating was affirmed last year as part of the town’s general obligation issuance. S&P upgraded Middletown from A+ to AA- in 2016.Branner noted that since New Castle County has not re-assessed property values since 1983, it is possible for Middletown’s assessed value to be one-third of the estimated market value, which would be a tremendous gain.Middletown ended Fiscal Year 2020 with an increase in its general fund balance, bringing available reserves to $6.7 million and a 32.4% increase in revenue. The current reserve level marks a six-year high for the town, and Moody’s pointed to repeated positive numbers on the balance sheet year over year.Combining the town’s reserves in its capital projects fund, which includes impact fees collected from development projects, Middletown’s reserve position increases to $28.7 million, reflecting a 112% increase in revenues.
🔒 Pike Creek Shopping Center to get redesignJune 27, 2020
MIDDLETOWN — Moody’s Investor Service has upgraded its bond rating for $32.8 million in outstanding debt for Middletown, citing the town’s continuous annual growth and strong conservative practices to shore up its reserves.