WAYLAND, MA — Wayland has retained the highest credit rating available from a global financial services company that provides credit ratings.
Moody's assigned its 'Aaa' rating to the town's $14.9 million General Obligation Municipal Purpose Loan of 2026 bonds, the town announced on Tuesday. The company cited Wayland's stable tax base, high household incomes, property values and continued funding of long-term liabilities.
Resident incomes in 2024 were 256 percent of the national median while the town's full property value exceeded $400,000 per resident, according to Moody's.
"The town continues to aggressively fund its unfunded OPEB liability, and we expect the debt burden to remain manageable given limited new planned issuance," Moody's said, according to the announcement. OPEB refers to benefits other than pensions provided to retired public employees, primarily health insurance.
Moody's defines Aaa obligations as being of the highest quality and subject to the lowest level of credit risk. Municipal bond ratings assess a local government's ability and willingness to repay investors with interest.
"Maintaining our Aaa bond rating is a testament to the Town's strong financial management and responsible budgeting," Town Manager Michael McCall said. "Through the implementation of financial policies, the Town has strengthened our best practices and long-term fiscal stability."
McCall credited Finance Director Brian Keveny, town staff and the Select Board for their work maintaining the rating.
Wayland has held the top rating for years. Patch reported in 2016 that Moody's assigned an Aaa rating to a $3.1 million town bond issue and affirmed the same rating on $76.8 million in outstanding general obligation debt. Then-Treasurer Zoe Pierce said the rating helped Wayland secure the lowest possible interest rates on its bond sales.
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