Dollar logoArlington has received a financial "gift" for the holidays: A rating agency has cited the town’s strong management of financial practices.

S&P Global Ratings, a municipal bond credit-rating agency, affirmed the town’s long-term rating of AAA, citing strong budgetary performance and liquidity as positive credit factors. 

In a news release, Town Treasurer Phyllis Marshall announced that the town received competitive bids from bond and note underwriters on Dec. 1 for a $8,515,000 30-year general-obligation bond issue and a $4,607,401 359-day bond-anticipation note (BAN) issue. Janney Montgomery Scott LLC was the winning bidder on the bonds, with an average interest rate of 3.77%, and Fidelity Capital Markets was the winning bidder on the BAN, with a net interest cost of 3.13% Bond and BAN proceeds will be used to finance various municipal purposes, notably the public works facility project on Grove Street. 

“Among very challenging market conditions, I want to commend Ms. Marshall, her team, and our financial advisor, Hilltop Securities, for their efforts in securing these competitive rates,”  Town Manager Sandy Pooler said in the Dec. 14 release.

The bids for the bonds and BANs were accepted at the offices of the town’s financial adviser, Hilltop Securities Inc., at 54 Canal St., Boston.

View the official statement of Dec. 1 >> 

  


Oct. 26, 2022: Town forecast signals $4.5m deficit for fiscal '25
 

This news summary was published Monday, Dec. 19, 2022, based on information from the Town of Arlington.