Standard & Poor’s has awarded Milton a AAA bond rating, and Moody’s Investors Service, a rating of Aaa. Both are the highest possible bond ratings, timed for the sale of $25 million of green space bonds, city officials announced.
Milton has been working with the municipal advisory firm of Davenport & Co. on the ratings and bond sale. The bonds are to be sold this week, coinciding with the swearing-in of the seven-member Milton Green Space Advisory Committee.
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Approved by voters last November, the bonds are to be used to preserve such open space as pastures, horse farms, wooded areas and large tracts of undeveloped land; protect wildlife habitat and water resources; and establish and connect trails for walking, biking and horseback riding.
“While Milton’s always had a sound financial position, the fact that we essentially didn’t have a previous credit history had the potential to negatively impact our rates,” said Assistant City Manager Stacey Inglis. “Securing AAA ratings was a key factor to ensuring a successful bond sale and achieving the best rates for the city.”
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