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Posted on: January 12, 2021

Town of Ashland Receives "AAA" S & P Credit Rating

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Recently, the rating agency Standard & Poor's reviewed Ashland's credit characteristics, and I am pleased to say that we have once again been assigned a "๐—”๐—”๐—”" ๐—ฟ๐—ฎ๐˜๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐˜๐—ต ๐˜€๐˜๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ผ๐˜‚๐˜๐—น๐—ผ๐—ผ๐—ธ; the top rating a municipality can achieve. While it serves as a great report card for our financial management, it also has very practical applications for Ashland taxpayers. Just like people who have higher credit ratings receive better interest rates when they look to borrow money, cities and towns receive better interest rates the higher their credit rating is. With two large building projects on the horizon, the difference between an elite AAA rating and a lower rating can mean saving ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง๐ฌ of dollars (literally) for Ashland taxpayers.

In analyzing Ashland's credit characteristics, Standard and Poor's assigned their highest scores possible ("๐˜๐˜ฆ๐˜ณ๐˜บ ๐˜š๐˜ต๐˜ณ๐˜ฐ๐˜ฏ๐˜จ") to the following areas: ๐— ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—บ๐—ฒ๐—ป๐˜, ๐—•๐˜‚๐—ฑ๐—ด๐—ฒ๐˜๐—ฎ๐—ฟ๐˜† ๐—™๐—น๐—ฒ๐˜…๐—ถ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐˜†, ๐—Ÿ๐—ถ๐—พ๐˜‚๐—ถ๐—ฑ๐—ถ๐˜๐˜†, ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐˜†. They assigned their second-highest scores ("๐˜š๐˜ต๐˜ณ๐˜ฐ๐˜ฏ๐˜จ") to the following: ๐——๐—ฒ๐—ฏ๐˜ ๐—ฎ๐—ป๐—ฑ ๐—–๐—ผ๐—ป๐˜๐—ถ๐—ป๐—ด๐—ฒ๐—ป๐˜ ๐—Ÿ๐—ถ๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐˜† ๐—ฃ๐—ฟ๐—ผ๐—ณ๐—ถ๐—น๐—ฒ, ๐—œ๐—ป๐˜€๐˜๐—ถ๐˜๐˜‚๐˜๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—™๐—ฟ๐—ฎ๐—บ๐—ฒ๐˜„๐—ผ๐—ฟ๐—ธ. They assigned their "Adequate" score to Budgetary Performance. Specifically, S&P highlighted the way Ashland has managed its finances during the pandemic noting that we have actually deposited more money into the stabilization fund than we withdrew. 

I want to really congratulate our financial team, specifically Finance Director Brittany Iacaponi, Treasurer/Collector Cindy Cincotta, Assistant Town Manager Jenn Ball, and School Director of Finance and Operations Chris Mathieu for their continued excellent work managing our complex finances. And as always I want to thank The Select Board, School Committee, Finance Committee, and Superintendent Adams for their continued collaboration and dedication to our financial strategy.

Michael


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