The Town is proud to share the statement from Moody’s Investors Service reaffirming and assigning the agency's highest credit rating of Aaa on bonds to be issued by February 1 to finance the high school and other capital projects.
The rating reflects the continuing confidence of independent evaluators of the Town’s fiscal condition, management, and long-term financial planning. According to the report issued by 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."
The full text of the Moody's bond rating report can be accessed here.
Congratulations and appreciation to members of the Finance Committee, Finance Director Michael DiPietro and his staff, and other elected and appointed boards and committees and Town staff on this important designation.