Easton Maintains High Credit Rating

With suffering markets on wall street, a downgraded U.S. credit rating, and a 9 percent unemployment rate nationally, it is difficult to find good news financially nowadays.

But for Easton officials, good news came this week in the form or a high credit rating. Moody's Investors Service announced that Easton would maintain its Aa3 underlying credit rating on the town's bonds. The rating is the highest short term rating available.

"We’re thrilled in this economic environment to maintain the same bond rating," Board of Selectmen Chair said. "That will keep our borrowing costs from going up."

Easton's reassurance came after Moody's assigned a "negative outlook" to a dozen Massachusetts communities this week including Acton, Bedford, Belmont, Brookline, Concord, Dover, Hingham, Lexington, Newton, Wayland, Wellesley, and Weston, according to the Boston Globe.

Corona said Easton's good standing with the credit agencies can be attributed to its ability to maintain reserves while maintaining stable capital expenditures.

A lower credit rating could have resulted in higher interest rates. The last time the town borrowed, it had an interest rate under 2 percent.

"Fortunately it looks like interest rates are not going to go up and our bond rating stayed the same, so it’s a good situation," Corona said.

At , Easton voted on a capital budget that included 26 expenses for $3.4 million. Of the $3.4 million, $1.75 million was to be borrowed and $985,000 would be through water borrowing.

Additionally, Easton is bonding $4 million for the , set to break ground this fall, fields at Chestnut Street for $2.4 million and conservation restrictions for Gov. Oliver Ames Estate on Oliver Street for $500,000 through the Community Preservation Act.

While Easton had to cut approximately $2.75 million in its budget this year that included two police positions, two Department of Public Works positions, two firefighter positions and 18 school department positions, any positive news financially is welcome for Easton's town officials.

"Any good news is a happy occasion right now, so we’re very happy," Corona said.