Mayor Michael J. McGlynn is pleased to announce that Standard & Poor’s Ratings Services (S & P) has increased the City of Medford’s current bond rating from an A+ to AA- today.
“In these difficult times, we are proud that the City has increased its rating while continuing to improve the quality of Life for our residents,” said Mayor McGlynn.
“We have accomplished this while recovering from the greatest economic recession since the great depression by enhancing our reserve position, promoting revitalization in our community and sound fiscal policies,” said McGlynn. “When S & P says Medford’s economic fundamentals are strong, they are affirming what I know to be the case,” said Mayor McGlynn.
S & P highlighted the City’s strengths as 1) strong and stable economic base, 2) strong household incomes and favorable unemployment, 3) extremely strong and diverse property tax base, and 4) very low overall debt burden and rapid debt amortization.
Per S & P, “the upgrade reflects recognition of improved financial performance and more balanced fund operations, due in large part to management actions that have resulted in increased reserves and operating flexibility. Standard & Poor’s also recognizes that the financial improvement occurred during a period of reductions in commonwealth aid and a slow national economy.” Further, “Medford stands poised to see improved growth and development to its tax base through the intermediate term that should continue to underpin its new-term financial performance,” said S & P.
Mayor McGlynn would like to thank the financial team at City Hall: Stephanie M. Burke, CPA, Director of Budget and Personnel; Anne Baker, City auditor; Alfred Pompeo, City Treasurer; Ed O’Neill, City Assessor and their respective staff for their hard work. This was also accomplished by the steadfast resolve of our city’s elected officials!
Medford will be going out to the bond market on August 9, 2013 for $5.813 million for the Medford High School Science lab project. We are optimistic that based on this rating, the City will see a strong interest in its bonds and therefore lower than anticipated interest rates.