EASTHAMPTON – Standard and Poor’s Global Ratings recently raised the city’s long-term bond rating from AA to AA+, the highest bond rating for Easthampton in 20 years.
The city received the upgraded bond ratings on March 21, which city official say is excellent timing for the planned sale of $50 million in bonds on April 1 to fund construction of a new pre-kindergarten through Grade 8 school expected to open in the fall of 2021.
“This is wonderful news for our current and future financial strength as a city,” Easthampton Mayor Nicole LaChapelle said in a statement. “We have earned this AA+ rating by improving our budget process and fiscal and management policies.”
The Standard and Poor’s rating report cited new, stronger financial management policies and practices that have increased reserve levels.
LaChapelle and Marissa Zawadski, the city’s finance director, led two analysts from Standard and Poor on a walking tour of the city in December 2018. They visited the city’s downtown and mill district to highlight economic and cultural growth within the city.
An original member of the Maple Elementary School Building Committee, state Rep. Dan Carey, D-Easthampton, said, “I am very happy to hear about the upgraded bond rating. The timing couldn’t be better as the new school project progresses.”
Luis Fieldman can be reached at lfieldman@gazettenet.com