City of Revere Receives Upgraded Bond Rating
March 11, 2014
The City of Revere recently received an upgraded bond rating of AA- up from an rating A+ by Standard and Poor’s Rating Services (S&P). S&P rates the financial stability of countries, corporations, and municipalities across the world. With this upgrade the City will be able to be more competitive in financial markets and realize a substantial savings in the interest costs that it will be required to pay for the issuance of debt.
According to the report, the outlook for the City is as follows; “The stable outlook reflects our opinion of Revere's strong budgetary performance, supported by very strong liquidity and budgetary flexibility. For these reasons, we do not expect to change the rating within the outlook's two-year time frame. Credit improvements depend on the significant mitigation of the city's long term liabilities, and maintenance of its strong budgetary performance.”
This upgrade is the results of the successful cooperation of the City Council and Mayor Rizzo’s administration working hand in hand to improve the City of Revere.
“Since taking office back in January of 2012, we have done our very best to manage city finances both responsibly and professionally. It is my job to ensure that every tax dollars is spent effectively, and with a vision towards the future. This upgrade is the result of our commitment to these principles. I would like to express my deepest gratitude to George Anzuoni, my Director of Finance, along with our entire financial team for their invaluable assistance in securing this upgrade,” stated Mayor Rizzo.
If you would like to learn more about the recent bond rating upgrade for the City of Revere please visit www.revere.org or call the Mayor’s Office at 781-286-8111.