BOXFORD, MA – The Town of Boxford is proud to announce that S&P Global Ratings has assigned its highest possible credit rating — AAA — to the Town’s $18.64 million General Obligation Municipal Purpose Loan Bonds, Series 2025. The rating, issued on September 25, 2025, also affirms the Town’s existing AAA rating on outstanding general obligation debt, reflecting Boxford’s exceptional financial management and economic stability.
According to S&P Global Ratings, the AAA rating reflects Boxford’s “long-term record of consistent financial performance,” a “strong local and regional economy,” and a “primarily residential tax base with exceptional wealth.” The report also highlights the Town’s conservative budgeting practices, robust reserves, and manageable debt burden.
“This rating is a testament to the Town’s long-standing commitment to fiscal responsibility and strategic planning,” said Town Administrator Matt Coogan. “It reflects the hard work of our finance team, the support of our residents, and the collaborative efforts of our elected officials and department heads.”
The proceeds from the bond issuance will support several capital improvements, most notably, the design and construction of a new Department of Public Works facility. Despite a planned drawdown of reserves from Free Cash to ease the tax burden of this project, S&P noted that Boxford maintains strong financial flexibility, with an estimated $4.7 million in unassigned fund balance and a steadily growing stabilization fund.
Assistant Town Administrator and Finance Director Brendan Sweeney added, “This AAA rating not only validates our financial stewardship but also positions the Town to borrow at the most favorable interest rates available. That translates into real savings for our taxpayers and greater capacity to invest in critical infrastructure and services.”
S&P also cited Boxford’s proactive approach to long-term planning, including its updated capital plan, revenue and expenditure forecasting, and adherence to formal financial policies. The Town’s ability to pass operational overrides with strong community support was also noted as a key factor in maintaining financial stability.
The stable outlook from S&P reflects expectations that Boxford will continue to demonstrate sound financial management, maintain healthy reserves, and manage its debt and liabilities prudently. ♦
