S&P Global Ratings has reaffirmed the Town of Westford’s ‘AAA’ bond rating, the highest possible designation, citing the town’s strong local economy, forward-looking financial management and continued housing demand. The rating reflects Westford’s stability and commitment to sound fiscal planning, bolstered by significant development activity, including 800 proposed residential units in the town’s new multifamily housing district and additional projects that may drive long-term property tax growth. 

The town is preparing to borrow just under $37.4 million to support a series of capital improvements. These include the J.V. Fletcher Library expansion, Oak Hill Road, Plain Road and Moore Road infrastructure project, Town Farm and Francis Hill water tanks, culvert repairs on Pond Brook, design work for the 185 North Main Street culvert, new sidewalks on Plain Road and Carlisle Road, a portion of the PFAS water treatment plants and the Blanchard Middle School roof project, which is supported by the Massachusetts School Building Authority. 

In its analysis, S&P stated, “Westford’s GO bonds and notes are eligible to be rated above the sovereign because we believe the town can maintain better credit characteristics than the nation in a stress scenario. The Town has a predominately locally derived revenue source with locally derived revenue source, with independent taxing authority and treasury management from the local government.” Property taxes make up 69% of Westford’s general fund revenue. 

Town Manager Kristen Las added, “Once again, the Town has shown that is it a responsive and responsible government that carefully plans out our financial path in the best interest of our operations and taxpayers. We are pleased to have received the AAA bond rating to further our capital planning efforts. The efforts of our staff, economic development committee and economic development consultant have also led to positive new growth projections that aid in this bond rating.” 

Westford has maintained its AAA rating since May 2015. A higher credit rating allows the town to secure lower interest rates when borrowing, resulting in savings for taxpayers. 

Select Board Chair Scott Hazelton said, “The Select Board is proud to see the hard work and tough decisions of Town officials and staff reflected in this positive rating. Westford has developed a strong history of prudent fiscal management, and we appreciate the professionalism of our town finance and budget officials in an increasingly difficult environment. The ultimate winner is the Westford taxpayer as this rating will directly reduce the cost of borrowing on our residents.”