Boston keeps its AAA bond rating for fifth straight year
Boston has its fiscal house in order, according to the ratings agencies.
Mayor Martin J. Walsh’s office Wednesday touted its “perfect AAA bond ratings” from Moody’s Investor Service and S&P Global Ratings, noting in a statement that Boston has “maintained the top credit ratings from both rating agencies since 2014.”
Walsh, in making the announcement, sounded a bullish note on the long-term financial health of the Athens of America.
“In Boston, we’re committed to building a better future for all, and creating opportunities throughout our city,” the mayor said in the release. “These bond ratings will allow us to continue building our strong fiscal foundation, ensuring we have the resources to invest in policies, programs and the work that makes our city, our residents, and our communities successful.”
Moody’s discussed its Boston rating in a Feb. 13 memo.
“Moody’s Investors Service has assigned a Aaa rating to the City of Boston, Massachusetts’ $150 million General Obligation Bonds 2019 Series A,” the note said. “We maintain the Aaa rating on the city’s outstanding general obligation unlimited tax bonds. The outlook is stable.”
Moody’s said the stable outlook “reflects strong fiscal management that will likely maintain the city’s healthy financial position over the near term based on conservative and proactive budgeting. The outlook also incorporates recent and ongoing robust tax base growth and positive economic trends that are contributing to economic growth across the region.”
Walsh’s office said city revenue has grown by 25 percent over the past five years, adding 20,000 new jobs each year, producing nearly 28,000 new homes, and ushering in more than $9.3 billion of development in construction.
“The Mayor has prioritized making smart and responsible decisions now that create a clear path to sustainability and prosperity,” said Emme Handy, the city’s chief financial officer, in the release. “We are tackling our long-term liabilities, managing our resources wisely and investing in our City’s priorities. These ratings affirm that we continue to be on the right track.”