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Malden Receives Highest Ever Bond Rating

Posted on Wednesday, September 25, 2019 at 10:53 AM by Malden Homepage

After a comprehensive review associated with a new debt issuance, ratings agency Moody’s recently provided the City of Malden with a bond rating of Aa3, the highest rating in the history of the City of Malden. A City’s bond rating determines the cost of borrowing for projects ranging from water main replacements to parks and schools. “I’m extremely pleased with the confidence that Moody’s has shown in the City of Malden. Residents should know that these ratings are only provided after we have in depth calls with the ratings agency, during which time they probe every aspect of our finances and our management team” said Mayor Gary Christenson. “It truly represents a financial report card for us, and the impact is great. Since I took office, we have been able to increase our rating two steps, saving the city and by extension the residents of Malden millions in borrowing costs” added Mayor Christenson. “Our most recent debt had a true interest cost of about 2.4%. Being able to borrow funds at these rates really helps us redirect money that would otherwise be spent on interest costs to other important initiatives”. Borrowing funds is a regular part of the operation of any government entity, and the ability of a City to maintain a high bond rating is an important indicator of the health and leadership of the municipality.

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