​Bedford Bond Rating Helps Town Pave Roads for Less than 2% Interest

BEDFORD, NH — An $11 million road project was financed at less than 2 percent this month due to the town of Bedford's Triple A (AAA) bond rating from Moody’s Investors Service, the only community to have such a high bond rating, according to Town Manager Rick Sawyer. This is the second of three road bond sales authorized by the voters 2014.

The sale of this offering occurred on March 22, 2017, Sawyer noted, was at a net interest rate of 1.97 percent.

"Concurrently, Moody’s has affirmed the AAA rating on the town’s outstanding debt," he said in a press release. "Moody's cited, as factors in its rating, the town's strong financial policies, supported by conservative fiscal management, ample reserves, long-term operating stability and low debt burden. The rating also considers the town’s sizable and diverse tax base, and the high wealth levels of the population."

Town Council Chairwoman Kelleigh Murphy also remarked, “As the only community in New Hampshire to hold a AAA credit rating from Moody's, Bedford once again sets itself apart as a premiere place to live. This is a direct result of the hard work and dedication of Town Manager Rick Sawyer, Finance Director Theresa Young, the many town employees and department heads, and the Bedford Town Council. I am pleased and proud to be a resident of such a great community.”

Sawyer also thanked Young and other town staffers for "their hard work and efforts" and also credited this rating to "the council’s policy of stable financial management and their strong fund balance policy and position."

He added, "I am confident that with planned development and re-development projects in town, we can continue to maintain our exemplary rating."