The town of Edgartown has maintained its AAA bond rating, the highest possible score through Standard & Poor’s Global Ratings system.
The high bond rating indicates that the town of Edgartown’s capacity to meet its financial commitments is strong.
“This rating reflects the diligent work and strategic planning of our financial team. It will lead to significant taxpayer savings in capital costs as we proactively plan for our future,” James Hagerty, town administrator, said at a recent select board meeting.
S&P’s ratings reflect Edgartown’s extremely strong tax base with high wealth and income and a local economy that revolves around tourism and real estate, the agency’s report said. Consistent and positive finances and strong financial-management policies as well as manageable debt and fixed costs were also credited for the town’s bond rating.
The agency’s profile also featured the town’s repairment of beach and road damage caused by the two storms in January of this year, and preparation for potential coastal flooding and erosion through use of the municipal dredge, rebuilding and raising wharfs, and an evaluation to possibly raise Chappaquiddick Ferry’s ramps and roadways.
S&P assigned a AAA long-term rating to the town’s $1.75 million general obligation municipal-purpose loan bonds and reaffirmed the AAA rating on existing general obligation debt as well as gave a short-term rating of SP-1+ to $2.5 million general obligation bond anticipation notes, according to a press release from the select board.
Town officials are planning the restoration of North Wharf and are in the initial stages of the construction of a new fire station, according to S&P’s ratings summary.