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Melrose gets bond rating upgrade

Posted by Jarret Bencks  November 28, 2012 04:39 PM

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Credit rating agency Standard and Poor's has upgraded Melrose's bond rating outlook from stable to positive, according to a city announcement.

Before it sold bonds and an anticipation note earlier this month, Melrose received an AA- rating from the agency and had its outlook rating upgraded, according to the announcement.

The city sold the bonds, totalling $5.4 million, to Fidelity Capital Markets at a 2.06 percent interest rate on Nov. 8, the announcement said.

"This is an important validation of the efforts we have made over the past ten years to continuously improve the financial picture of the City of Melrose," Mayor Rob Dolan said in a statement. "These ratings demonstrate continued confidence in the city's fiscal structure and practices by expert outside analysts. It's like our financial report card, and we're on the honor roll."

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