Stoughton recently earned an upgrade in its municipal bond rating, which officials siad positions the town to save in borrowing costs.
Moody’s Investors Service raised the town’s rating from Aa3 to Aa2, the agency’s third-highest investment grade. The move followed detailed presentations and submittals town officials made to Moody’s about Stoughton’s finances, according to interim town administrator Stephen G. Anastos.
The town separately undertook its first ratings review from Standard and Poor’s, earning a solid Aa rating.
Anastos called the reviews and new ratings a major step for the town in securing needed financing to complete the construction of the new high school, the expansion and renovation of the library, and other smaller projects, noting that the positive grades would enable the town to secure competitive borrowing rates.
Anastos cited the work of the town’s financial team, led by town accountant Bill Rowe, and the adoption of new financial policies and procedures as instrumental in the positive ratings.John Laidler can be reached at email@example.com.