Mayor Scott D. Galvin announced that Standard & Poor Global Ratings (S&P) assigned its AAA Bond rating to the City of Woburn—the highest financial rating available to municipalities and the highest rating ever earned by the City.
In its 9/6/2019 credit summary, S&P notes the AAA rating reflects its opinion the City’s management is very strong, with strong financial policies and practices that are well-embedded and have translated to strong financial and budgetary performances over the past few years.
S&P also cites Woburn’s “very strong economy,” and, given the City’s wealthy and growing tax base bolstered by numerous economic development projects and its access to Boston, they expect the Woburn’s economy to remain “very strong.”
Mayor Galvin said, “The prestigious AAA rating will pay immediate dividends for Woburn, as the timing coincides with the issuance of $7.6 million in bonds for the recently completed Woburn Public Library restoration and addition project, the new Hurld Wyman Elementary School and the new Fleming Field Park at Horn Pond, and AAA-rated communities borrow funds at lower interest rates that saves taxpayer dollars.”
Mayor Galvin further stated, “the rating acknowledges the hard work and commitment of all City employees and department heads and the strong financial foundation that has been built collaboratively among my office, our financial team, planning team, City Council and School Committee.”
In late August 2019, the Mayor invited S&P analysts to Woburn for a financial presentation and trolley tour of the city. The financial presentation underscored our very strong management, financial policies and practices.
The trolley tour highlighted the rapid growth of quality biopharma and high-tech companies setting up operations in Woburn, the various developments under way in the City, as well as the continued opportunity for solid planned growth. In addition, the tour featured stops at key city infrastructure projects that have and will continue to make Woburn a great place to live, work and raise a family.