Credit Agency S&P Global Affirms Medford’s AA+ Bond Rating

Credit Agency S&P Global Affirms Medford’s AA+ Bond Rating

Firm attributes strong rating to improved reserve levels and annual new growth

The S&P Global Ratings has once again affirmed Medford’s AA+ credit rating, the second highest possible rating for a municipality, Mayor Breanna Lungo-Koehn announced. When deciding on its rating, S&P cited Medford’s “stable credit profile” and “proactive financial management environment” as well as its growing tax base and healthy reserves.

“I am proud that S&P Global Ratings has recognized the tremendous work our team has done to strengthen the City’s financial position, grow our tax base, and build healthy reserves,” Mayor Lungo-Koehn said. “The reaffirmation of our AA+ credit rating and stable outlook reflects our commitment to responsible financial management and gives us a strong foundation to continue investing in Medford’s schools, infrastructure, services, and other community priorities while maintaining the fiscal health of our City. Thank you to our finance team, led by our Finance Director/Auditor Bob Dickinson as well as Treasurer/Collector Judy Johnston, Chief Assessor Jared Yagjian, and Chief of Staff Nina Nazarian.” 

The report gave a substantial overview of the City’s credit overview and specifically cited several factors that led to the impressive credit rating, including: 

• Strong financial performance and healthy reserves. 

• A growing tax base supported by the Greater Boston economy. 

• Proactive financial management and responsible long-term planning. 

As for the City’s outlook, S&P Global describes it as “stable” and expects that Medford will maintain its strong financial position and healthy reserves in the coming years. 

###