SHREWSBURY – Standard & Poor’s Global Ratings, an American credit rating agency, has “reaffirmed” Shrewsbury’s AAA bond rating.
The AAA rating was assigned for both general obligation bonds and the town’s long-term outstanding debt.
“This rating reflects our view of Shrewsbury’s strong economic growth and steady operating results over the past several years,” the report reads. “Shrewsbury’s financial operations remain robust, due to both its new levy growth and the voter-approved May 2021 override to Proposition 2 1/2 property tax limitations that supports the budget.”
According to an official statement from the town, Shrewsbury received its first AAA rating from S&P Rating Services in 2019. Municipalities have their financial conditions re-evaluated every time they issue new long-term debt, and higher bond ratings help the town when it needs to borrow money for certain projects.
“This rating is a testament to our ongoing commitment to responsible fiscal management and prudent stewardship of taxpayer dollars. It reflects our dedication to maintaining financial stability, ensuring long-term sustainability, and fostering an environment of trust and confidence among our residents and investors,” said Town Manager Kevin Mizikar.