Posted May 1, 2019 at 3:16 PM Updated May 1, 2019 at 3:16 PM
Standard & Poor’s Rating Service has reaffirmed New Bedford’s AA- bond rating, and the city has maintained the highest bond rating it has achieved in at least the past 40 years, according to a news release.The AA- rating was first awarded to New Bedford in January 2014, and the reaffirmation of the rating puts New Bedford again among the top half of all issuers of municipal debt in the Commonwealth of Massachusetts.
In its report, S&P cited several factors to support New Bedford’s strong rating, including:
“Very strong management, with strong financial polices and practices;” “very strong” is the agency’s highest rating for financial management.
Strong budgetary performance, which was raised from ‘adequate’ in past reviews.
1,500 new jobs created in the city over the past year.
A diversifying economy at the port including offshore wind staging, as well as business growth in the city.
“New Bedford’s favorable bond rating is a continued reaffirmation of the hard work the City has done to properly manage our finances,” said Mayor Jon Mitchell in a statement. “I’m pleased that the City’s strong financial policies and practices were a key factor that helped to maintain our highest rating, and I’m grateful the work of our finance team was recognized as very strong.”
Chief Financial Officer Ari Sky said, “Securing – and maintaining – a AA- rating remains a very significant achievement for New Bedford, and it influences the City’s standing in financial markets. The rating yields positive results both for favorable interest rates, as well as the marketability of New Bedford for economic development.”