Earlier this month, Standard and Poor’s Ratings Services announced that Westford’s municipal bond rating has been upgraded from AA+ to AAA, the highest possible bond rating for government bonds.
The town was upgraded to AA+ in 2008 due to many of the same factors that brought this latest upgrade such as flexibility in budgeting and a strong local economy.
Additionally, the Standard and Poor’s report praised the town’s debt profile and financial practices, although the report indicated that may not formalize or monitor all practices on a regular basis.
While the report indicated a significant change in pension and OPEB (Other Post-Employment Benefit) costs could pressure the town’s rating, a change in the rating is unlikely within the next two years.
For the full report, click here.