FALMOUTH – The town of Falmouth will now have an easier time obtaining bonds at competitive rates.
Rating agency Standard & Poor’s has announced that the town’s bond rating has been upgraded to AAA status, the highest available rating.
Less than 20 percent of the communities in Massachusetts have secured that rating.
The bond rating upgrade for Falmouth from AA+ delivers financial savings anywhere from 5 to 25 basis points, which results in $50,000 to $250,000 in reduced costs on a $10 million bond over a 20 year period..
“We are extremely gratified to receive this AAA bond rating determination from S & P, as it represents an independent, third-part assessment of the relative quality of the financial management, related management elements and overall attractiveness of the Town of Falmouth,” said Town Manager Julian Suso.
He also thanked Finance Director Jennifer Petit and her colleagues in the finance department for their dedication.
“This is an example of the hard work and coordination that goes on in the background at the same time as all the other efforts led by the town manager and finance director to benefit Falmouth,” said Selectmen Chair Susan Moran.
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