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HomeMy Public PortalAbout11-12-2013 Watertown MA Rating Report_201311071012049870From: Driscoll, Michael To: Town Councilors; Dept. Heads Cc: schoolcommittee@watertown.k12.ma.us; Library Trustees; Brownsberger, William (SEN); Hecht, Jonathan - Rep. (HOU); John.Lawn@mahouse.gov; "Mark R. Reich"; Joseph S. Fair; Frank Biron; Barbara A. Sheehan; "Peter Frazier"; Hand, JoAnna; Osmond, Marsha Subject: Watertown, MA Rating Report Date: Wednesday, November 06, 2013 5:02:46 PM Attachments: 13-11-06 Watertown S&P AAA (upgraded from AA+) re $6M GOBs dated 11 15 13.PDF Importance: High Good afternoon; attached please find information from Standard & Poor's (S & P 's) Rating Services indicating the Town's Bond Rating has been upgraded to AAA from the previous rating of AA+ as the Town goes to the bond market with the issuance of $6,000,000 in long term bonds. The new rating is S & P's highest rating. As indicated in the attachment, the rating reflects their assessment of the following factors for Watertown: • Very strong economy • Very strong budgetary flexibility • Strong budgetary performance • Very strong liquidity • Strong management conditions • Very strong debt and contingent liability position, driven mostly by the town's low net direct debt, and plans to address its unfunded pension and other postemployment benefits ( OPEB) liabilities. Thank you all for your efforts in this matter as this upgrade will be helpful in our continued efforts to provide the highest level of services to the citizens of Watertown while utilizing the taxpayers' dollars as efficiently as possible. From: Peter Frazier[mailto:Peter.Frazier©firstsw.com] Sent: Wednesday, November 06, 2013 4:19 PM To: Driscoll, Michael Subject: Watertown, MA Rating Report Michael, Congratulations for the great news on the bond rating upgrade to AAA! You and your team have done a remarkable job in making the upgrade possible. I hope you can use this accomplishment to help continue to move the Town forward. Peter Peter Frazier Senior Vice President FirstSouthwest direct 617.619.4409 fax 617.619.4411 54 Canal Street, Suite 320, Boston, MA 02114 Neither First Southwest Company nor any of its affiliates (collectively, "First Southwest") is responsible for any recommendation, solicitation, offer or agreement or any information about any transactions, customer account or account activity in this communication. Confidential or time -sensitive security -related communications should not be transmitted to First Southwest via the Internet as there can be no assurance of actual or timely delivery, receipt and/or confidentiality. Neither can there be any assurance that messages transmitted by electronic mail will not be corrupted, lost, deleted or modified. First Southwest reserves the right to refrain from processing or executing electronic mail until verification of the information is obtained in another format acceptable to First Southwest.