The City of Cambridge has retained its noteworthy distinction of being one of approximately 33 municipalities in the U.S. with AAA ratings from each of the nation’s three major credit rating agencies. Each year since 1999, the City has received these ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
The AAA ratings were in conjunction with the City’s sale of $34.9 million in General Obligation bonds, which takes place on February 18, 2014. This sale will finance capital projects such as King Elementary School renovations, sewer reconstruction, improvements to the Harvard Square tunnel, open space improvements at Cambridge Common, street reconstruction and Kendall Square surface improvements.
“Based on this ongoing recognition from the rating agencies, the City Council should be recognized for adopting and maintaining sound fiscal policies, and city department heads and staff should be commended for their commitment to prudently managing their budgets and programs,” said City Manager Richard C. Rossi. “The City is fortunate to have such a strong and dedicated team.”
What does the AAA Rating Mean for Taxpayers?