New Bedford Demonstrates Strong Financial Position

Moody’s upgrades city to “A” rating based on significant financial improvements
New Bedford – Moody’s Investor Services upgraded the City of New Bedford bond rating to “A3,” marking the first time in 37 years that New Bedford has received an “A” rating. In a report outlining Moody’s opinion, the financial service cited several reasons for the upgrade including, New Bedford’s significantly improved financial position, sizeable tax base, and manageable debt position.
“This is proof positive that New Bedford is moving in the right direction fiscally and in terms of potential future development projects,” said Robert L. Culver, president/CEO of MassDevelopment, a quasi-public bond issuer in the Commonwealth of Massachusetts. “Investors and companies review a borrower’s bond rating when deciding whether to invest or locate in a community. Congratulations to New Bedford’s elected officials and business leaders on this important milestone. This upgrade signals strong growth opportunities in this important SouthCoast city.”
Moody’s anticipates that New Bedford’s debt position will remain manageable due in large part to the state funding for school construction projects that Mayor Lang was instrumental in securing. New Bedford’s financial profile is expected to continue to improve based on the conservative budgeting practices currently applied by the financial management team.
“The bond rating increase is a very important indictor to finance houses, allowing the city to offer its bonds to a larger audience of buyers and at better rates–saving the city money.  In addition, the upgrade may be more important to the city as a general indicator of health and forward momentum which appeals to a broader audience of businesses,” said Michael Baldwin, Managing Partner of Baldwin Brothers Investment Advisors, headquartered in Marion.
“I am very proud of the work that has been accomplished by the city’s financial team in bringing fiscal stability and accountability to our city government. Moody’s improved rating is a tremendous demonstration of confidence in the City of New Bedford. The improved bond rating gives the city a lower interest rate when we borrow and lowers the cost of bond insurance rates,” said Mayor Lang of the recently issued bond rating.
The New Bedford Economic Development Council has received nearly a dozen phone calls from developers in response to the report offering congratulations. The upgrade provides another powerful incentive for business to look at opportunities in the city.

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