Climate Changed
Rising Seas May Wipe Out These Jersey Towns, but They're Still Rated AAA
- Cities at most risk from extreme weather still get top ratings
- Storms, floods could diminish tax revenue and raise costs
Waves break around a destroyed roller coaster in Seaside Heights, New Jersey, on Nov. 16, 2012.
Photographer: Mario Tama/Getty ImagesThis article is for subscribers only.
Few parts of the U.S. are as exposed to the threats from climate change as Ocean County, New Jersey. It was here in Seaside Heights that Hurricane Sandy flooded an oceanfront amusement park, leaving an inundated roller coaster as an iconic image of rising sea levels. Scientists say more floods and stronger hurricanes are likely as the planet warms.
Yet last summer, when Ocean County wanted to sell $31 million in bonds maturing over 20 years, neither of its two rating companies, Moody’s Investors Service or S&P Global Ratings, asked any questions about the expected effect of climate change on its finances.