Politics & Government

Hingham Town Administrator Asks Moody's to Accelerate Its Review

Town Administrator Ted Alexiades asked Moody's Investors Service if they could accelerate their review of Hingham's Credit Rating as the town has plans to access the bond market for the construction of a new middle school.

This week, Town Administrator Tex Alexiades asked Moody’s Investor Services to accelerate the personal review of Hingham’s Credit Rating.

Last Thursday, along with 130 other community’s ratings, but revised the town’s credit outlook to negative because of challenges still facing the federal government. It said it the outlooks in the next few weeks.

Alexiades said that he spoke to Moody’s offices in New York and Boston earlier this week.

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“We asked to have a personal review accelerated,” he said. “They’ve indicated they have to review every one of the 133 credits.  I just asked if we (Hingham) could be put ahead of that line, since we are about ready to access the bond market.”

Hingham has plans to access the bond market for the construction of a new middle school expected to cost up to $57 million and a renovation of the high school’s track and tennis courts.

Find out what's happening in Hinghamfor free with the latest updates from Patch.

Alexiades said Hinghams’s town credit outlook was revised to  negative in 2008 when there was a potential for a downgrade.  The negative outlook was removed once Hingham’s financial situation was approved.

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