The Town of Hingham again secured a coveted AAA rating from the leading credit rating agencies. This exceptional rating reflects the Town’s strong fiscal management, prudent fiscal policies, and economic stability.
Moody’s issued Hingham its AAA rating, the highest quality rating a town can receive in assessing the risk of its municipal bonds. Moody’s rating “reflects the town's strong financial position with heathy reserves and liquidity that are bolstered by conservative fiscal management including formal fund balance and OPEB policies and multi-year financial planning.”
Standard & Poor's highlighted “Hingham's overall financial and managerial strength” and the fact that “Hingham budgets conservatively, considering historical revenue and expenditure trends,” in issuing its AAA rating for the Town.
Hingham Town Administrator Tom Mayo thanked the Select Board and Town voters who participate in Town Meeting for helping achieve this exceptional rating. He noted that Town officials plan to use series 2025 bond proceeds for construction costs of the new Public Safety Facility and Foster Elementary School, at the lowest possible interest rates using these exceptional ratings.
Mayo’s point was realized earlier this week (1/28) upon sale of $70 million in 30-year bonds at an interest rate of 3.84%, and bond anticipate note sales of $37.7 million at an interest rate of 2.76%. The sales came in below interest projections of 4%.
The Foster Elementary School project has advanced to the point that students moved into the new building in January immediately following the holiday break. Demolition of the old school building and groundwork is underway.
Foster Elementary School photo courtesy of Joshua Ross
Construction of a new Public Safety Facility on Route 3A adjacent to the Hingham Shipyard to house both the Police Department and North Fire Station is expected to be completed in mid-2025.
New Public Safety Facility under construction on Route 3A