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Bond rating upgraded

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Norwood’s bond rating has received a boost, pleasing town officials who are looking forward to saving money on such projects as a proposed Department of Public Works building. In an interview, selectmen chairman William Plasko called the Standard & Poor’s upgrade to AA+ from AA “excellent news.” The current rating is one step below the highest rating of AAA. The bond rating agency, in its report, cited Norwood’s management, strong economy, and budgetary flexibility as among the reasons for the upgrade. Treasurer Robert McGuire said in a statement that the upgrade came as the town received bids from bond underwriters on Tuesday for a $7.25 million 20-year bond, which will pay for a fire truck, broadband equipment, and final high school construction costs. Town Meeting voters next month will be asked to approve building a $16 million DPW facility.

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