Citing economic growth, sound financial performance and policies, as well as strong management, independent bond rating service Standard & Poor’s (S&P) recently upgraded Bedford’s General Obligation bond rating from AA to AA+. Equipped with the higher bond rating, the City will be able to save millions of taxpayer dollars through lower interest rates. This is the highest bond rating the City has received, and the first time it was upgraded since Bedford was initially rated by S&P in 2009.
“I’m thrilled to hear about the bond rating upgrade from the S&P,” said Bedford Mayor Michael Boyter. “Our actions, which include decreasing our labor force, refinancing debt to lower rates, and reducing our expenditures by nearly $6 million this past year are just a few examples of how Bedford is committed to becoming an organization of excellence. This wouldn’t have been possible without the fantastic leadership of our City Manager and our entire management team.”
According to S&P, the change reflects the “very strong” economy in Bedford, derived from ongoing development, redevelopment, and strong sales tax collections over the past five years. Additionally, S&P stated Bedford has “very strong” financial reserves and budgetary performance.
“Every department within the City has been looking for ways to provide more to residents in a more cost-efficient way and this rating is a reflection of those changes and the strong support of the Mayor and City Council,” said City Manager Jimmy Stathatos. “We are focused on maximizing every tax dollar and the improved rating will allow us to stretch funding even further to benefit the community. While we have come a long way in a couple years, there is still work to do to keep Bedford moving forward.”
View the entire rating report.