Mayor Small Begins New Term with Financial Milestone for Atlantic City

One thing that is crystal clear under the Marty Small, Sr. Administration is the City of Atlantic City is no longer defined by crisis management, but by fiscal responsibility, strategic growth, and renewed investor confidence. Mayor Small’s Oath of Office Ceremony at Atlantic City’s All Wars Memorial Building to kick off 2026 marked a continuation of this strong leadership. The announcement that followed just days later served as proof the strategy is working.

Fresh off his reelection in November, Mayor Small was sworn in onJanuary 1, 2026 to begin his second full four-year term as Mayor of AtlanticCity, wasting no time in signaling both resolve and results. Mayor Small took the Oath of Office with a clear-eyed message about discipline, and the work still to be done.

Addressing the City Council, Mayor Small acknowledged: “We have a lot of challenges ahead. We have neighboring towns trying to destroy our economy.We have some very important legislation. We need to be united.”

And despite a 2025 full of many accomplishments and achievements, MayorSmall was blunt: “We have work to do.”

Just days into his new term, Mayor Small underscored his message with a major announcement that immediately sets the tone for his next four terms and beyond. Moody’s Ratings has officially upgraded Atlantic City’s issuer credit rating to Baa3, restoring the city to investment-grade status for the first time since before the financial crisis that gripped Atlantic City a decade ago.

The upgrade marks a historic milestone in the city’s long-term recovery and places Atlantic City back on solid footing with investors,lenders, and financial markets. As of the start of the New Year, the city currently carries approximately $228 Million in outstanding debt, and then upgrade reflects years of disciplined fiscal management, responsible budgeting,and aggressive debt reduction under the Small Administration.

“This is a testament to my administration, the State of NewJersey, and City Council working together to achieve this powerful vote of confidence in Atlantic City’s financial future,” said Mayor Small during a press conference announcing the Moody’s upgrade. “Reaching investment-grade status shows how far the Great City of Atlantic City has come since its financial crisis and that we are now operating from a position of strength. Under mywatch, investor confidence is at an all-time high because our budget team has been rebuilding Atlantic City the right way, and we intend to protect this progress and remain in the best position possible.”

An investment-grade rating signals to financial markets thatAtlantic City is a lower-risk borrower, although Mayor Small emphasized that the city currently has no need to borrow. As a result, the city can expect reduced borrowing costs for future capital projects, increased interest from investors, and stronger confidence from businesses and developers considering long-term commitments in Atlantic City. Lower interest costs also mean real savings for taxpayers. These are dollars that can be reinvested into infrastructure, public safety, neighborhood revitalization, and quality-of-life improvements across all 48 blocks of the city.

“It’s not just about the money, it’s about the stability of the city government,” said Atlantic City business Administrator Anthony Swan, referring to meetings with ratings companies like Moody’s.

Moody’s cited Atlantic City’s healthy reserves, stable operations,rapid debt reduction, and improved long-term obligations as key factors behind the upgrade. The rating agency had previously raised the city’s issuer rating to Ba1 from Ba2 in April 2024.

“Resorting Atlantic City to sound financial footing has been a top priority under the Small Administration,” said the city’s Chief financialOfficer Toro Aboderin. “We have achieved something quite remarkable.”

Because Atlantic City has now reached investment-grade status,Moody’s also removed its prior positive outlook, reflecting confidence that the city has stabilized at a higher financial standard.

Behind the scenes, the city’s financial turnaround has been driven by a leadership team led by Swan, Aboderin, and City Auditor Leon Costello.Under Mayor Small’s direction, the team has delivered six consecutive tax increases for Atlantic City residents heading into 2026, an uncommon achievement for a city once synonymous with fiscal distress. The finance team is currently working to produce a seventh straight decrease this year.

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