Woburn Earns First Bond Rating Upgrade in 12 Years

Moody’s Investors Service upgraded the City of Woburn’s bond rating from Aa2 to Aa1 – Moody’s second highest municipal rating available – and the first upgrade for Woburn in over 12 years, according to Mayor Scott D. Galvin.

Galvin wrote in a letter to the community:

“Moody’s attributed the upgrade to Woburn’s strong financial position due to conservative budgeting practices, structurally balanced financial operations and healthy reserves and liquidity levels. Moody’s also acknowledged Woburn’s expanding tax base.”

The mayor said the bond upgrade comes at the perfect time, as the Woburn plans to begin a number of major capital projects, including a new elementary school, library renovation and new fire station.

“The stronger bond rating will lower the interest rate costs to borrow funds to complete these projects, and save taxpayers a significant amount of money,” Galvin wrote.

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