News Brief: Great Barrington retains bond rating

In the final report, S&P highlighted the town’s “stable economy,” “management's conservative budgeting practices” and “a number of formalized financial policies and practices” as reasons for the favorable outlook and analysis.

Great Barrington retains S&P AAA bond rating

Great Barrington — Earlier this month, the town maintained its AAA bond rating from S&P (formerly Standard & Poor’s), the highest rating issued by the credit agency. This rating indicates that the town’s capacity to meet its financial commitments is “extremely strong.”

In the final report, S&P highlighted the town’s “stable economy,” “management’s conservative budgeting practices” and “a number of formalized financial policies and practices” as reasons for the favorable outlook and analysis.

“Earning and maintaining a AAA bond rating requires prudent management and a commitment to a municipality’s financial health’,’ said Great Barrington finance director Susan Carmel. “When we were notified of this year’s rating, the analyst stated that ‘[i]t’s no small feat to maintain perfection.’ We are proud to have earned this rating and look forward to keeping it at this level.”

Great Barrington first earned a AAA rating from S&P in 2016, when it was upgraded from AA+. This rating effectively lowers the cost of borrowing to the benefit of all taxpayers. When determining a bond rating, S&P considers the financial health of a municipality, as well as that of the local economy.

For more information, contact the finance director at (413) 528-1619 x6.