Town of Bedford AAA bond rating affirmed
Friday, September 5, 2014
Bedford, the sole governmental entity in New Hampshire to be rated by Moody’s Investors Service at its highest rating of Aaa (“Triple A”), has once again achieved that rating for its upcoming Aug. 27 $4.1 million general obligation offering to the municipal bond market.
The bonds will fund infrastructure improvements in the South River Road Tax Increment Financing District, Bedford’s prime commercial and medical services area – home of Macy’s, the Bedford Mall, the Bedford Medical Park and many other current and soon to arrive businesses, including Whole Foods.
Along with its rating of Bedford’s anticipated bond sale, Moody’s reaffirmed the Aaa rating on the town’s current outstanding debt of $16 million.
Among multiple positive factors cited by Moody’s in assigning the Aaa rating are the town’s strong financial operations, conservative budgeting practices, healthy reserves, and its lengthy history of long-term operating stability and low debt burden.
Additional strengths acknowledged in Moody’s evaluation included the town’s sizable and diverse tax base, ongoing new construction and development activity, and “above average wealth levels,” with median family incomes at 202 percent of the national average.
“This is excellent news,” Town Council Chairman Chris Bandazian said. “We are very pleased to receive Moody’s Aaa rating and Moody’s recognition of Bedford’s very strong financial position with ample reserves and conservative fiscal management.
“It is a tribute to all those who make and execute financial policy and budgetary decisions, as well as to those who consistently provide Bedford with high quality services while maintaining fiscal discipline.”
Bandazian noted that the qualities considered by Moody’s are also central financial management concerns of Bedford’s leadership. He further cited the town’s well-defined and financed long-term capital plan and continued tax base growth as contributing factors.
For more information, visit: