Standard and Poor’s Upgrades Methuen’s Bond Rating to AA-; City Says Second Jump in Six Months

Searles Building, Methuen City Hall. (WHAV News file photograph.)

Credit rating agency Standard and Poor’s has upgraded Methuen’s general obligation bond rating to “AA- with a stable outlook.”

Mayor Neil Perry and Chief Administrative and Financial Officer Maggie Duprey said in a statement Monday the boost is the second rating upgrade the city has received in the last six months. They said the rating places Methuen within the top tier of S&P’s scale.

“It takes a multitude of partners to move forward, but without the overall financial blueprint and leadership provided by CAFO Duprey for improved control and planning, these partners, from the mayor to department heads to city councilors, could not have taken the necessary steps to do so,” Perry said.

S&P’s summary notes “We believe the CAFO and subsequent changes to the management environment directly led to improvements in the city’s financial position and are likely to result in continued financial balance.” The ratings company cited a stable residential tax base, standard financial management policies, a strong institutional framework and improved reserves and cash balances among the main reasons for the rating upgrade.

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