Moody’s Upgrades Town of Plainville’s Bond Rating, Cites Strong Financial Performance

PLAINVILLE — The Select Board is pleased to announce the Moody’s has upgraded the Town’s bond rating, reflecting strong economic growth and solid fiscal practices.

Moody’s upgraded the Town’s bond rating from Aa3 to Aa2 status. The rating service outlined a number of reasons for the change:

Moody’s also acknowledged ongoing financial challenges, including a history of operating deficits and the limit ability to raise tax revenue under Proposition 2 1⁄2.

The improved bond rating means the Town will be able to secure more favorable financing rates for short- and long-term bonds.

“Thank you to our finance team, who have worked tirelessly in the past two years to improve our operations and practices,” Town Administrator Noble said. “Their work will have a significant impact on taxpayers in the coming years, as we look to pay for a new water treatment plant and other capital projects as a much lower interest rate.”

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