City of Beacon maintains high bond rating for sixth year

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Beacon City Hall

BEACON – Moody’s Investors Service has rated the City of Beacon’s credit profile as “Aa2” for the sixth consecutive year. That rating is the third-highest long-term credit rating that Moody’s assigns to fixed-income securities, like bonds, that are high quality with very low credit risk.

Mayor Lee Kyriacou attributed the positive credit profile to the city’s professional financial management and conservative budgeting, which have fostered a robust and stable fiscal position for the city government.

“It did say we had a lot of debt, and we do because we have decided that we have to catch up on all of our infrastructure and we have been investing in water and sewer and roads and other things and we are going to be doing some more. But, given low rates and given that we are pretty cautious on what we spend on, I think that is why they thought to give us that same rate again,” he said.

The high bond rating saves city taxpayers a significant amount of money over the lifespan of the city’s issued debt because the higher the bond rating, the lower the financing costs.

 




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