Improved Bond Rating Reflects the City's Financial Stability
April 4, 2018
Mayor Brian Arrigo informed the Revere City Council Monday that the City has achieved its highest bond rating in history after Standard and Poors Global Rating Agency upgraded the City to “AA” with a stable outlook. This represents an improvement from the City’s previous “AA- (minus)” rating.
According to Standard and Poor the rating “AA” differs from the highest-rated obligation by only a small degree, representing the City’s very strong capacity to meet its financial commitments. The full report attributes the “AA” rating to its recent strong economy, strong budgetary performance, strong budgetary flexibility, strong liquidity and a very strong institutional framework score.
“This signifies the financial strength of our community,” said Mayor Brian Arrigo. “The rating is a testament of all the hard work and diligent effort by all of us in city government whose objective is to improve the quality of life for all of our residents.”
The S&P report states, “We believe Revere’s budgetary flexibility will likely remain very strong with management’s continuous efforts to reduce overspending and tighten expenditure control.” The rating will continue to rise as the positive financial performance persists.