The Town is proud to announce that S&P Global Ratings for the 4th consecutive year has once again assigned its AAA long-term rating to North Andover this week.
A AAA rating is the highest possible rating that may be assigned to a municipality and reflects that the town’s financial position is stable.
“This updated rating reflects the strong financial management of the Town,” said Richard Vaillancourt, Board of Selectmen Chair. “I am proud of the work we have done as a community to create and implement strong financial policies and practices.”
The report from S & P Global Rating referenced North Andover’s strong budget flexibility and noted North Andover’s very strong economy and liquidity. The report also noted that due to the nature of the Town’s revenue base it is somewhat insulated from the immediate effects of the pandemic and the report praised the Town’s management for the work it has done through a Memorandum of Understanding to identify steps to make budgetary modifications if needed in Fiscal Year 2021.
“This rating recognizes the commitment this Town has made to its financial position over past years,” said Melissa Rodrigues, Town Manager. “It further memorializes why our financial policies and planning tools are more important now than ever. I’d like to thank our team, as well as the voters at Town Meeting, for their commitment to our financial future.”