Wall Street reaffirms Ashland's borrowing power ahead of school, police and downtown projects
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Front Street in downtown Ashland.
Ashland’s AAA bond rating has been affirmed by New York City rating agency Standard & Poor’s, the town announced Wednesday.
“Bond ratings are critical independent and objective verification of the town’s financial management practices and financial planning,” said Town Manager Michael Herbert in a release from the town.
The bond rating allows the town to secure favorable rates when entering when borrowing for large infrastructure projects, and those favorable rates translate to savings for the town and taxpayers.
Upcoming projects this will impact are future public safety building, Mindess School project, downtown streetscape work and the Pond Street reconstruction project, according to the town.
The town has had its S&P AAA rating since 2016 when it was upgraded from a AA rating. The rating agency looks at information including the town’s economy, debt, finances and liquidity.
“Ashland enters the national recession triggered by the outbreak of COVID-19 with very strong budgetary reserves and flexibility, and well-embedded financial management policies, particularly in the areas of budgeting and planning," S&P wrote in its rating.
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