WESTFORD CENTER — S&P Global Ratings once again affirmed Westford’s “AAA” long-term credit rating and assigned an “SP-1+” short-term rating to approximately $39.8 million in general obligation bond anticipation notes.
According to a Town of Westford news release, the town’s “robust local economy, forward-looking financial management environment, and ongoing housing development” helped support the rating.
The town is currently borrowing funds for several capital and infrastructure projects, including the expansion of the J.V. Fletcher Library, roadway and culvert improvements, water infrastructure upgrades, and school and municipal facility projects.
The top-tier rating will allow the town to secure lower interest rates on borrowing, reducing long-term costs for taxpayers, according to the release.
S&P said that Westford’s general obligation bonds and notes are eligible for a rating above the sovereign level because the town maintains strong local revenue sources, an independent taxing authority, and treasury management practices.
The release stated that approximately 70% of the town’s general fund revenue is derived from property taxes, providing a stable and predictable revenue base.
S&P also highlighted that the town increased its available fund balance by nearly $2 million in fiscal 2025 and is projecting approximately break-even results for Fiscal 2026 despite ongoing budget pressures. This is likely due to cautious budgeting practices, long-term financial planning, and a five-year capital plan.
“This recognition reflects Westford’s strong history of responsible fiscal management,” Select Board Chair Tom Clay said. “This rating will directly reduce the impact of borrowing on taxpayers and supports our commitment to a responsive and responsible Town Government.”
Town Manager Kristen Las said the rating reflects years of responsible financial management by town officials and staff.
“The Town’s responsible management of its funds through the hard work of our Select Board, Finance Committee and staff has resulted in the Town achieving this rating for the past 12 years,” Las said.
