Wall Street firm gives highest-possible rating to Town of Hopkinton
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Hopkinton town hall
The Town of Hopkinton said it has maintained its AAA bond rating from S&P Global Ratings.
The credit rating agency affirmed the MetroWest town’s AAA bond rating, the highest level of creditworthiness a municipality can achieve, according to a press release from the town sent out Friday.
While the rating mostly relates to borrowing, it means Wall Street generally approves of how Hopkinton operates its town government and manages its finances.
With the rating, Hopkinton will be able to borrow money at the lowest commercial interest rates possible. The rating has been retained for an issue of $4.9 million in long-term bonds, and $5.3 million in short-term bond anticipation notes planned for June 2022.
Those borrowings will support nine capital projects, including work on public schools, the Main Street corridor, and the purchase of a new combination ladder and pumper truck for the town’s fire department. The projects were approved by voters at Hopkinton town meetings, according to the press release.
“With the highest credit rating of AAA, Hopkinton obtains needed funds at the lowest possible interest rates, saving our taxpayers money when borrowing for critical projects,” Town Manager Norman Khumalo said. “Top-notch town staff, capable and involved oversight by citizen boards and committees, and disciplined financial management policies and procedures are part of what make Hopkinton a strong choice for new businesses seeking a stable host community.”
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