FOR IMMEDIATE RELEASE
February 28, 2020
Re: Standard and Poor’s Global Ratings “AAA” rating for the Town of Foxborough
Today, S&P Global Ratings assigned its ‘AAA’ rating to the Town of Foxborough, Mass.’ Series 2020 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its ‘AAA’ long-term rating on the town’s existing GO debt.
The rating reflects continued strength in the town’s local economy that exhibits steady growth every year, and that is expected to continue to grow as various developments are currently underway. The town also benefits from participation in the broad and diverse Boston metropolitan statistical area (MSA), which will only become more accessible with the recent addition of more commuter rail service. In addition, prudent budgeting and very strong financial management practices and policies continue to support the town’s strong financial performance and flexibility.
Town Finance Director George Samia noted that S&P, who rates corporations, municipalities, and the federal government, rated Foxborough “higher than the US Government because they think it can maintain better credit characteristics than the nation”; is telling.
S&P noted the very strong management of the financial policies and practices of the town under their Financial Management Assessment methodology, indicating that the Town’s financial practices are strong, well embedded, and sustainable. The Town’s proactive approach to cyber-security is another reason for this rating as our technology department has implemented strategies for planning and mitigation, early warning detection and response. Foxborough’s budgetary performance, flexibility and liquidity were also noted as being strong.
Town Manager, Bill Keegan said “confirmation of the AAA rating is affirmation of the strong financial practices that Foxborough has been following for years”. He went on to say that “this is a huge win for the Community in that the Town will continue to be able to borrow at the most favorable rates for projects like the Burrell School and the new Water Treatment Facility”.
Chairman of the Board of Selectmen, Mark Elfman also applauded the news though he was not surprised by it. He said, “Foxborough has a long standing tradition of sound and proactive financial practices and it’s nice to see it being acknowledged by national experts!"
The Town is expecting to go out to borrow for the Burrell School Improvements and the new Water System improvements. This news along with a very favorable borrowing environment should equate to a low borrowing rate for Foxborough.
For further questions or comment, please contact Town Manager William G Keegan, Jr. at 781-603-9632
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