Somerville Receives AAA Bond Rating For Third Consecutive Year

SOMERVILLE, MA — The city has received a AAA bond rating from the Standard and Poor 500 for the third consecutive year, according to Mayor Katjana Ballantyne.

The S and P report highlights some of Somerville’s best financial attributes that contributed to its satisfactory rating, including a growing property tax base dur to residential stability, city revenue outpacing expenses, and an adequate amount available in reserve funds.

The city’s fiscal year 2025 budget of $397 million is a 7% increase compared to the previous year. Ballantyne believes the positive bond rating makes it easier for the city to complete public infrastructure projects as it can borrow at favorable interest rates, attract investors, and receive grants.

“This rating isn’t just about strong numbers, it’s about delivering real benefits to our residents, ensuring we can invest in schools, roads, affordable housing, and climate resilience for less, which stretches our taxpayer dollars further,” Ballantyne said. “I want to thank Finance Director Ed Bean and our dedicated public servants for their steadfast commitment to working with my administration to keep Somerville on solid financial ground.”