S&P Global Ratings Affirms City of Revere’s AA Underlying Rating and Stable Outlook, Assigns SP-1+ Rating to City’s $75,000,000 General Obligation Bond Anticipation Notes
June 11, 2025
REVERE, MA – Mayor Patrick M. Keefe Jr. and City of Revere Chief Financial Officer/City Auditor/Budget Director, Richard Viscay, announced that S&P Global Ratings, a municipal bond credit rating agency, has affirmed the City’s underlying rating of ‘AA’. The outlook is stable. S&P also assigned the SP-1+, the highest rating attainable, to the City’s pending issuance of $75,000,000 General Obligation Bond Anticipation Notes to be dated Wednesday, June 25, 2025.
Mayor Keefe commented, “I’m confident in our money-management practices, and I am appreciative of the work of our financial team. We spent a lot of time crafting a fiscally responsible budget that ensured our strength for years to come: I’m proud that we delivered.”
“Maintaining a strong bond rating will allow the city to borrow money as efficiently as possible,” commented Viscay.
This “AA” bond rating represents the City’s strong capacity to meet its financial commitments, including the development of the new Revere High School, the new McMackin Field, and the McKinley School renovation project. The rating agency cited the City’s above-average resident income, rapid tax base growth highlighted by development at the Suffolk Downs site, detailed long-term financial planning, and maintenance of healthy reserves as positive credit factors.
Note proceeds will be used to begin the financing of the City’s local share of its new high school construction project.
The bids for the Notes will be accepted on Tuesday, June 10, 2025, at the offices of the City’s Municipal Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.
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