Foxborough Maintains AA+ Credit Rating

Foxborough may have kept their AA+ credit rating, but Finance Director Randy Scollins is aiming higher.

Tuesday night, Scollins announced the result of a credit audit from Standard and Poor’s, maintaining the second highest possible credit grade.

“They reaffirmed our rating. There really wasn’t anything to gain, there was everything to lose,” Scollins said, noting that the town has not borrowed money in three years. “Our goal is to achieve AAA which is the highest rating you can achieve and we believe given the indications stated to us in the rating here we have an opportunity to do that the next time we borrow.”

Foxborough’s road to the rating began in 2006, when Moody’s gave the town an AA- rating after the Ahern Middle School renovation, much to the dissatisfaction of Scollins. After switching to Standards and Poor’s and borrowing money for the 2009 Foxborough High School renovation, the rating was upgraded to AA+ and reaffirmed in 2012 after the Boyden Library renovation.

According to Scollins, the credit rating has saved the town $1.5 million in interest payments.

The next opportunity to upgrade the rating will come if the town votes to go ahead with the new Town Hall project.

“It is our intention before we go out to borrow next we will have a series of financial policies, review by audit committee and they make a recommendation to the board,” Scollins said.

Town Manager Bill Keegan said that the AAA rating is obtainable for Foxborough.

“I think we’re well positioned to get that level, but it’s important to note it’s not that we’re flushed with money, it’s that the money we have we manage very well,” he said.