SAUGUS — Town Manager Scott Crabtree announced in a press release that the town has earned an AA+/Stable rating from S&P Global Ratings this year.
An AA+ rating is the second highest rating that S&P Global Ratings can give to a town, indicating great creditworthiness.
According to S&P Global Rating’s report, Saugus’ “general creditworthiness is characterized by comprehensive and forward-looking management practices, consistently balance-to-positive operations, and strong reserves.”
The stable rating puts Saugus at very low credit risk and means that the town has been budgeting well and is moving towards a positive financial year.
Crabtree and members of Saugus’ Board of Selectmen, expressed content the town’s rating and what it means for the future.
“This is great news that a reputable credit rating agency has acknowledged the steps the town has taken to make sure taxpayer dollars are being utilized wisely in a fiscally prudent manner,” Crabtree said.
The town’s stable credit rating has been strong since 2016, when Crabtree announced that the town’s rating had increased by three grades from A1 to AA+.
“The better our bond rating is the more funding that can be used for important projects that benefit the community, as opposed to going toward interest obligations,” Board of Selectman Chair Debra Panetta said.
The administration is especially pleased with this rating as it shows strong fiscal management despite the country’s current economic state.
“This report reflects the good financial practices of the administration as supported by the Finance Committee,” Selectman Ken DePatto said. “This has all been accomplished in an economy that has been stressed by inflation.”
