Posted in Government News

Moody’s Assigns Aaa Credit Rating to Wayland

Below is a statement from Moody's Investors Service regarding the Town's credit rating.  The rating reflects the continuing confidence of independent evaluators of the Town's fiscal condition, management, and long-term financial planning.

According to Moody's:

"The Aaa rating reflects the town's consistent financial performance with sound reserve levels. It also incorporates Wayland's solid history of voter support for property tax increases, wealthy residential tax base, and manageable debt position. While Moody's expects Wayland's $3.3 billion tax base to continue to decline over the near term reflecting ongoing weakness in the regional housing market and recessionary economic conditions, over the medium term, however, the town is well positioned for future tax base growth.

"Moody's believes the town's moderate 2% direct debt burden will remain affordable despite the significant increase with the current issue. Wayland's financial strength is expected to remain healthy due to management's conservative approach to budgeting revenues and managing expenditures."

    We anticipate conducting the bond sale within the next two weeks.  A copy of the bond prospectus is attached here for your reference.

    The full text of the Moody's bond rating report can be accessed online here

    Fred Turkington
    Town Administrator

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