HOWELL TOWNSHIP UPGRADED TO AA BOND RATING
The Township obtains a bond rating that is similar to a credit score individuals receive from three credit reporting and rating agencies . A bond rating is important to the Township because the better the bond rating, the lower the interest rates can become.
Standard and Poor’s, which upgraded the Township’s bond rating from A-1 to AA- in 2013reviewed several year’s financial data and interviewed the Chief Financial Officer, Jeffrey Filiatreault in an a program that reviews the bond rating annually. After careful analysis, Standard and Poor’s upgraded the Township to an AA rating with a stable outlook. This represents the second upgrade of the bond rating in as many years. This is excellent news for the Township and will be reflected in the ability to market existing bonds as well as future interest rates.
The upgrade comes as a result in improved financial condition and stable management. The Township Council has followed a conservative financial program, resulting in a stable budget in face of recent financial challenges. This conservative program has held the budget below the state mandated cap on tax increases. The Township has also replaced, or maintained, the necessary reserves to ensure a strong and stable financial position for the long term.