News Flash Home
The original item was published from 5/8/2023 1:02:39 PM to 6/21/2023 12:05:04 PM.

News Flash

News and Events

Posted on: May 8, 2023

[ARCHIVED] Standard & Poor’s Bond Rating Agency Issues Improved AA+ Bond Rating for Bedford

drone view of a Bedford neighborhood

Citing economic growth, sound financial performance and policies, as well as strong management, independent bond rating service Standard & Poor’s (S&P) recently upgraded Bedford’s General Obligation bond rating from AA to AA+. Equipped with the higher bond rating, the City will be able to save millions of taxpayer dollars through lower interest rates. This is the highest bond rating the City has received, and the first time it was upgraded since Bedford was initially rated by S&P in 2009. 

“I’m thrilled to hear about the bond rating upgrade from the S&P,” said Bedford Mayor Michael Boyter. “Our actions, which include decreasing our labor force, refinancing debt to lower rates, and reducing our expenditures by nearly $6 million this past year are just a few examples of how Bedford is committed to becoming an organization of excellence. This wouldn’t have been possible without the fantastic leadership of our City Manager and our entire management team.”

According to S&P, the change reflects the “very strong” economy in Bedford, derived from ongoing development, redevelopment, and strong sales tax collections over the past five years. Additionally, S&P stated Bedford has “very strong” financial reserves and budgetary performance. 

“Every department within the City has been looking for ways to provide more to residents in a more cost-efficient way and this rating is a reflection of those changes and the strong support of the Mayor and City Council,” said City Manager Jimmy Stathatos. “We are focused on maximizing every tax dollar and the improved rating will allow us to stretch funding even further to benefit the community. While we have come a long way in a couple years, there is still work to do to keep Bedford moving forward.” 

View the entire rating report.

Facebook Twitter Email

Other News in News and Events

close up view of chicken chowmein from Momo and Grill in Bedford

Momo & Grill Now Open

Posted on: December 8, 2023
toys lined up along the back wall at the Bedford Fire Department for the annual Toy Drive

BFD Toy Drive Returns

Posted on: November 28, 2023
View of City Council dais. Text overlay reads "Bilger Withdraws from Place 2 Appointment."

Bilger Withdraws from Place 2 Appointment

Posted on: November 27, 2023
close up shot of two hands each holding a pickle ornament

Pickle Party Returns December 15

Posted on: November 26, 2023
signage of Coffee Tea and Books Coming Soon in Bedford

Coffee Tea & Books Coming Soon

Posted on: November 19, 2023
close up of steamed dumplings from Anita's Mo:Mo in Bedford

Anita’s Mo:Mo Now Open in Bedford

Posted on: November 16, 2023
inside backdrop of Mighty Chick Sando with a hand holding a container of Nashville fries

Mighty Chick Sando Now Open

Posted on: November 1, 2023
graphic of water flowing with text reading "Important Utility Billing Updates"

Important Utility Billing Updates

Posted on: October 5, 2023
Top of the large silver windmill at Old Bedford School with the words "Be Heard Bedford"

Help Plan Bedford's Future

Posted on: March 1, 2023