The Standard and Poor’s Ratings Services has upgraded the rating of Westfield’s general obligation bonds two levels from AA- to AA+.
“This is wonderful news for the City of Westfield,” said Mayor Andy Cook. “The fact that Standard and Poor’s has raised our bond rating is evidence of the City’s financial strength and will help create a positive environment for growth throughout the City.”
In its report, Standard and Poor’s described Westfield’s “very strong budgetary performance” and “strong economy” as the reason for the upgrade. S & P carefully reviewed the city’s financial documents and financial planning taking into account the $91 million utility sale which will pay off the $40 million utility debt and give the city $45 million to use for needed infrastructure improvements. The higher credit rating is another indicator in Westfield’s strong success and fiscal responsibility.