The Town of Hingham secured a coveted AAA bond rating from leading credit rating agencies. This exceptional rating reflects the Town’s strong fiscal management, prudent fiscal policies, and economic stability.
The AAA rating positions Hingham as a highly creditworthy entity, as it issues bonds to fund the construction of a new public safety facility and a new Foster School building.
The AAA bond rating, in Hingham’s case assigned by Standard & Poor's, and Moody's, signifies the highest level of creditworthiness. “This is the equivalent of a personal credit score of 800,” explained Town Administrator Tom Mayo. “It places Hingham in an advantageous position to secure financing for essential projects and the lowest possible interest rates available. That translates into savings to the Town in millions of dollars overall.”
Hingham Select Board Chair Liz Klein expressed gratitude for the hard work and dedication of the town’s leaders, staff, and residents. “This AAA bond rating is a testament to responsible fiscal management and an unwavering commitment to the well-being of our community.”
The two projects that will immediately benefit from this rating by the issuance of bonds are the construction of a new Public Safety Facility that will house both the Town’s police department and the North Fire Station on Lincoln Street (Route 3A) adjacent to the Hingham Shipyard, and the construction of a new Foster Elementary School on Downer Avenue. Both projects are well underway with the new school expecting students in September for the 2024-2025 school year, and the Public Safety Facility being completed in early 2025.
Photo: February 9, 2024, the “Topping Off” beam is hoisted in place and installed at the new Hingham Public Safety Facility on Route 3A.