Mayor Katjana Ballantyne is proud to announce that the City of Somerville has been awarded the highest long-term debt rating of 'AAA' from S&P Global Ratings, a municipal bond credit rating agency, solidifying the City’s financial stability and creditworthiness. The upgraded rating, which benefits residents by lowering the City’s borrowing costs, reflects more than 20 years of prudent financial management, strong economic growth, and commitment to fiscal responsibility from both the current and previous Mayoral administrations.
"Somerville’s new bond rating is a testament to the hard work and dedication of the City’s public servants, both past and present, and it is great news for our community. Higher ratings reduce the City’s borrowing costs making critical investments such as school, road, or sewer reconstruction more affordable,” said Mayor Ballantyne. “I want to extend my deepest thanks to former Mayor Joe Curtatone for laying such a robust financial groundwork, as well as every one of the City’s dedicated staff members whose hard work helped us reach this achievement. Our ‘AAA’ rating highlights Somerville’s commitment to responsible financial management and provides a strong foundation for our community's future. My administration will continue to prioritize fiscal responsibility and investment in projects that build progress for all."
