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The original item was published from 5/18/2023 11:44:57 AM to 5/28/2023 12:00:05 AM.

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Posted on: May 17, 2023

[ARCHIVED] Town of Concord maintains Aaa Bond Rating

AAA Bond Rating

Moody's Investors Service has assigned the Town of Concord with a 'Aaa’ bond rating, the highest rating attainable, with a stable outlook. The rating agency cited a very strong economy bolstered by significant property wealth, a stable financial position with below-average reserves for the rating category mitigated by conservative fiscal management, and manageable debt leverage that is expected to rise because of debt issuance for the Concord Middle School, while fixed costs remain very manageable.  The stable outlook reflects the expectation that the town will continue to exercise conservative fiscal management to maintain a healthy financial position and manage an increase in debt issuance. 

“I am very pleased to share that the town has once again attained the highest possible bond rating.  This report affirms our commitment to a strong fiscal foundation and confidence in our financial management and oversight,” shared Town Manager Kerry Lafleur. “This is truly a team effort, which every town employee plays a role in achieving. I would especially like to commend CFO Gail Dowd, Bob LeLacheur, and the talented finance team for the exceptional job they do to keep our financial status strong and stable, so we can invest in the projects our community values.” 

This rating comes with the issuance of $59.9 million in General Obligation Municipal Purpose Loan bonds.  The bond proceeds will provide funds for various town capital projects including the middle school construction, roadway improvements, water system improvements and water main replacements. 

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