Moody's Investor Services has assigned an initial A1 issuer rating to the Town of Winchester today, Friday, September 6, 2019. The A1 rating reflects the town's limited, but stable, tax base with average income and wealth metrics, improved financial position, and manageable long-term liabilities.
According to Director of Finance Bruce Stratford, "We are pleased the restoration of a firm financial structure for the Town has been recognized by Moody's Investors Service with the A1 issuer rating, which indicates a low credit risk for investors in the Town's bonds."
This is the first time Moody's has rated the Town since July 2013. The A1 rating was last assigned to the Town in November, 2010. Due to delayed audits, the rating was reduced to A2 in June 2013. In July 2013 Moody's further reduced the rating to A3 and then withdrew the rating when the Town reported a further delay in the fiscal year 2012 audit.
Please click here to view Moody's Rating Action Press Release.