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Town’s bond rating goes up

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The town recently earned an upgrade in its bond rating from Standard & Poor’s, from AA- to AA, according to Town Manager Richard Montuori. Bond rating upgrades enable communities to save on interest when they borrow. Montuori said that in its rating report, Standard & Poor’s cited Tewksbury’s strong economy, budget flexibility, and performance. He said the credit rating agency also said that the town’s management is strong, with good financial practices in place. The agency cautioned that Tewksbury’s long-term liabilities would put pressure on its budget but that it believes the town’s management will make needed revenue and spending adjustments to keep its budgets balanced and flexible.

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