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Fitch Ratings has affirmed an AAA credit rating for the city while S&P affirmed an AA+ with a stable outlook, and Moody’s affirmed an Aa1 rating. Every time a city raises money through the issuance of municipal bonds, credit rating agencies establish a rating for the debt issuance much like a credit score of the modern consumer. These ratings help to determine the rate of interest that is attached to borrowed funds.
“We work extremely hard to maintain rigorous fiscal standards within the city. And let me tell you given the economic crisis that the State is going through it is not easy to achieve ratings like these,” said Boughton. "The reason these ratings are so important is because they enable us to provide new and current municipal services and amenities, such as roads and parks, at a lower cost to our residents."
Boughton thanked Finance Director David St. Hilaire and his team for a job well done and added that, “I appreciate the effort of every employee within the city, as each and every one of them strives to meet specific savings goals every year in order to place our city on continually greater financial footings.”
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