COHASSET — Town Manager Christopher Senior is pleased to report that Standard & Poor’s Financial Services LLC (S&P) Global Ratings has affirmed the Town of Cohasset’s strong AAA bond rating.
The AAA rating is the highest bond rating available and reflects the excellent and stable financial condition of the Town. The rating indicates a bond issuer’s financial strength to pay the principal and interest in a timely fashion. S&P Global Ratings issues this rating only when they feel a creditor’s capacity to meet its financial commitment on its obligations is extremely strong.
In a summary on Cohasset’s general obligation bond performance, S&P states that Cohasset has shown “very strong socioeconomic demographics, a strong management environment, a growing property tax base and balanced operations during the past few fiscal years that have boosted reserves to very strong levels,” also stating that “because of Cohasset’s conservative budgeting practices and history of positive operating performance, it expects the Town to maintain strong budgetary performance over the next several years.”
The report details several areas in which Cohasset has shown strong financial stability, including its economic outlook, management and financial policies, budgetary performance and flexibility, liquidity and more.
“The affirmation of our AAA bond rating is a true testament to the hard work, dedication and sound planning of many Town employees over the past several years,” Town Manager Senior said. “This especially includes our Town’s Finance Department, who work tirelessly to ensure residents reap the benefits of the Town’s strong financial stability.”
To view the full S&P’s report on the Town of Cohasset’s bond rating, click here.