Just in time to issue $5.8 million bonds for new high school science labs, the City of Medford has been declared a darling of Wall Street.
Standard & Poors Ratings Services on Tuesday raised the city's bond rating from an A+ to AA-, a nod to the city's stable economic position.
"When S & P says Medford's economic fundamentals are strong, they are affirming what I know to be the case," Mayor Michael J. McGlynn said in a statement issued in the late afternoon.
A diverse property tax base, low overall debt, and strong household income were among the economic factors considered for the ratings boost, according to the statement.
"The upgrade reflects recognition of improved financial performance and more balanced fund operations, " the statement said, quoting the S & P ratings report. "Medford stands poised to see improved growth and development to its tax base through the intermediate term."
On Aug. 9, Medford plans to issue $5.8 million in bonds to pay the city's share of a $13.8 million project to build or renovate 17 science labs at the high school. The rest of the cost, $8 million, will be paid by the Massachusetts School Building Authority, which last year chose 10 school districts across the state for its $60 million Science Laboratory Initiative.