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Wednesday, February 20, 2019

BOSTON CONTINUES STRONG FISCAL MANAGEMENT, SECURES 5TH YEAR OF PERFECT AAA BOSTON RATINGS

BOSTON CONTINUES STRONG FISCAL MANAGEMENT, SECURES 5TH YEAR OF PERFECT AAA BOSTON RATINGS
Under Mayor Walsh's management, Boston continues to secure its strong fiscal foundation
BOSTON - Wednesday, February 20, 2019 - Mayor Martin J. Walsh today announced Boston has maintained its perfect AAA bond ratings, as assigned by Moody's Investor Service and S&P Global Ratings. The City has maintained the top credit ratings from both rating agencies since 2014.

According to Moody's Investor Service, Boston's AAA rating reflects the city's strong fiscal management and stable financial position, as well as its large and growing tax base with economic diversity bolstered by significant government, higher education and healthcare sectors. The rating also takes into account Boston's conservatively managed debt profile and its planning efforts with respect to its pension obligations.
"In Boston, we're committed to building a better future for all, and creating opportunities throughout our city," said Mayor Walsh. "These bond ratings will allow us to continue building our strong fiscal foundation, ensuring we have the resources to invest in policies, programs and the work that makes our city, our residents, and our communities successful."

These ratings build on Mayor Walsh's commitment to financial responsibility throughout the City of Boston. Over the past five years, Boston's revenue has grown by 25 percent, and the city has added 20,000 new jobs each year, produced nearly 28,000 new homes, and added over $9.3 billion of development in construction.

Last year, Boston also launched Boston's new investor outreach platform,BuyBostonBonds.com. The new website is the latest step in the city's continued efforts to optimize financial disclosure and is designed to drive investment in Boston's debt, which helps pay for capital projects and investments the City makes. More information about this platform and what it means for investors and residents is also available here.

The agencies routinely cite the City's commitment to fiscal responsibility in the near and long-term. These practices include maintaining strong budgetary reserves, a commitment to conservative borrowing practices, and our decades-long record of achieving yearly budget surpluses, pursuing cost containment strategies like the City's work on reducing healthcare costs, and by prioritizing new operating and capital investments in areas the City has identified through long-term planning efforts.

"The Mayor has prioritized making smart and responsible decisions now that create a clear path to sustainability and prosperity," said Emme Handy, Chief Financial Officer for the City of Boston. "We are tackling our long-term liabilities, managing our resources wisely and investing in our City's priorities. These ratings affirm that we continue to be on the right track."

S&P Global Ratings cites Boston's "very strong" economy as a reason for its AAA rating. Contributing to Boston's strong economy is its talented, diverse workforce; longstanding financial and insurance industries, as well as the city's growing reputation as a tech hub; central location; and recruitment and retainment of college graduates in the city.

In addition, S&P also highlighted Boston's history of proactively addressing future challenges through the city's long-term plans. Included in these highlights are Boston's Climate Action Plan, which addresses goals for reducing greenhouse gas emissions by 2050; Climate Ready Boston, which develops resilient solutions to prepare Boston for climate change; Go Boston 2030, which aims to ensure equitable, reliable and safe transportation for all residents; and Housing a Changing City, Boston's housing plan which already is well on its way to creating 69,000 new units of housing by 2030.

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