Municipal bond ratings typically do not garner a lot of public attention. The minutiae of how and why an agency such as Standard & Poor’s assesses the financial health of every city and town in the nation typically is the province of accountants working in the back-offices of some big office building.
Their language is dry and often obtuse to the average person. “We believe in Revere’s very strong liquidity, and planned maintenance of budgetary flexibility further supports the rating,” according to the recent S&P report about Revere.
As a result of this analysis, S&P said it is improving the city’s bond rating from AA-negative to AA-stable.
We are the first to admit that we have no idea what that actually means.
But the bottom line is that, according to the experts at S&P, our city is doing pretty well in terms of its fiscal strength.
Moreover, the improvement in our bond rating means that the city will be able to borrow money on the municipal bond market at a lower interest rate, which in turn will mean savings for the city’s taxpayers.
The improvement of our bond rating is a direct result of the adept management of the city’s finances by Mayor Brian Arrigo and his team, headed by Finance Director George Anzuoni. The recent certification by the state that the city has $11 million in free cash, a record total for Revere, attests to the strong and prudent fiscal leadership by this administration, which now has been recognized officially by an outside, independent firm such as Standard & Poor’s.
Simply put: All of this is great news for the city and its taxpayers, and we look forward to continued prosperity for the City of Revere.