Standard & Poor’s Bond Rating Agency Reaffirms City’s AA+ Bond Rating

Citing the City’s economic growth, conservative budgeting practices, and a strong fund balance, Standard and Poor’s rating agency recently reaffirmed the City’s AA+ Bond Rating. This is the first time S&P reaffirmed the rating, since elevating it to its current AA+ status in May 2023. Since then, the City has saved an estimated $900,000 in interest over the last three Certificates of Obligation issuances.

“Standard & Poor’s reaffirmation is a testament to Bedford’s strong economic growth and sound financial management,” said Bedford Mayor Dan Cogan. “By consistently ensuring revenues exceed expenditures and making wise decisions to cash fund projects when possible, we’ve kept our debt manageable and our future bright. This recognition reflects the dedication of our team to follow national best practices in financial management, and supports Bedford’s forward progress.”

According to S&P, the reaffirmation reflects the “very strong” economy in Bedford, which has experienced an average of 6.8% annual growth over the past five years driven by new development and commercial redevelopment. Officials anticipate another five percent added tax value in FY 2024-2025 and an additional three percent the following year. 

“City employees are dedicated to finding cost-effective ways to serve our community, while maintaining or improving service levels and standards,” said City Manager Andrea Roy. “This bond rating is crucial for maximizing every dollar as we plan for upcoming capital projects.”