Town of Boxford Retains AAA Bond Rating and Successfully Completes $6.9M Bond Issue

The Town of Boxford received competitive bids from bond underwriters on Wednesday, October 20, 2021, for a $6,960,000 20-year general obligation bond issue. Piper Sandler & Co. was the winning bidder on the Bonds with an average interest rate of 1.579%. The Town received a total of 7 bids on the Bonds. Bond proceeds will be used to finance various capital projects. Prior to the sale, S&P Global Ratings (S&P), a municipal credit rating agency, assigned a rating of “AAA” to the Bonds, the highest rating attainable. The rating agency cited the Town’s very strong economy, strong management with good financial policies and practices, strong budgetary performance, very strong budgetary flexibility and liquidity, very strong debt and contingent liability position, and strong institutional framework as positive credit factors. The bids for the Bonds were accepted at the offices of the Town’s financial advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.