Standard & Poor raises Derry’s bond rating
DERRY — The town recently received some good financial news as Standard & Poor’s raised Derry’s bond rating.
The town has also been recognized for excellence in financial reporting.
Standard & Poor’s recently raised the bond rating up a notch from AA to AA+, said Frank Childs, the town’s chief financial officer. The higher rating, which is just below a AAA rating, means the town can now receive a better rate, he said.
“The higher the bond rating, the less credit risk for potential purchasers, thus a lower rate,” Childs said.
In a rating report on the town, the financial services company addressed Derry’s overall performance with respect to management and financial wellbeing. Standard & Poor’s considered such factors as Derry’s “strong management environment and good financial management policies,” and “very strong liquidity, providing very strong cash to cover debt service and operating expenditures.”
Along with the higher bond rating, Derry just received an award from the Government Finance Officers Association of the United States and Canada. The organization has awarded the town with a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Report (CAFR) for the fiscal year that ended June 30, 2013.The award is the highest form of recognition in the area of governmental accounting and financial reporting
“The town is proud to have again received this prestigious award for the 16th year in a row, recognizing the town for excellence in financial reporting to its citizens,” said acting Administrator Larry Budreau
Budreau said the Town Finance Department’s members are to be commended for their tremendous effort in compiling the report. The department is headed by Childs, and Janice Mobsby, controller and includes staff members Mark Fleischer, Bob McCarthy, and Katherine Arsenault.
The awarded was presented to staff at the Town Council’s Tuesday night meeting.