Boston Earns Triple-A Bond Ratings For 13th Consecutive Year

Highest possible credit rating reflects City’s stable financial position and long-standing, strong financial management

Mayor Michelle Wu announced that Boston has again maintained its AAA/aaa bond ratings and stable outlook from S&P Global Ratings and Moody’s Investor Service ahead of its upcoming 2026 bond sale. 

The City has earned the highest possible ratings for the 13th consecutive year, reflecting confidence in its sound financial management and long-term stability. This year, seven major cities carry a AAA/Aaa bond rating from both Moody’s Investor Service and S&P Global Ratings.

“Only seven major cities carry a triple-A (AAA) bond rating from Moody’s Investor Service and S&P so far this year—a distinction Boston has achieved for the 13th year in a row. This rating indicates the highest credit quality and lowest risk, reflecting our City’s long-standing strong fiscal management and enabling us to borrow at the lowest possible rates for capital investment,” said Mayor Michelle Wu. “Our AAA bond rating saves taxpayers millions of dollars as we continue investing in our infrastructure, strengthening neighborhoods, and delivering city services for the highest quality of life. Even in a challenging national economic environment, Boston will continue to deliver results through innovative governance, sound fiscal management, and strong community partnerships.” 

Since 2014, the City has maintained the top credit rating from both rating agencies in recognition of its strong fiscal management and the strength of its local economy. This year’s distinction affirms that the City remains in a position of strength despite a challenging national economic environment, as a result of years of disciplined financial stewardship, strong reserves and more than a decade of triple-A bond ratings. 

“Fiscal discipline is at the core of what we do everyday as a City and this rating from Moody’s and S&P acknowledges the City’s strong position and long-standing fiscal management practices,” said Ashley Groffenberger, Chief Financial Officer. “The City will continue to manage through evolving, unpredictable, and challenging economic cycles and ensure Boston is in the best position to address uncertainty and fulfill its financial commitments.”

This triple-A rating ensures Boston will get the best possible rates when investing in the public infrastructure that gives our residents the highest quality of life, from our parks and libraries to our roads and schools. Borrowing at the lowest possible interest rates will also save Boston’s taxpayers millions of dollars in the long-term, enabling us to deliver excellent city services at a much lower cost.

“Earning another AAA bond rating shows the benefits of the disciplined collaboration between the Mayor and the City Council on our budget year after year,” said City Councilor Ben Weber, Chair of the Committee on Ways and Means. “Despite facing economic challenges, we are still building on a strong foundation because of the hard work and talents of our residents.”

Highlights from the rating agencies include:

Moody’s Investor Service

“Boston's financial position is strong. The city maintains healthy reserves and liquidity and relies on property taxes as a stable revenue source. The city has a long history of maintaining structurally balanced operations.” 

S&P Global Ratings 

“Forward-looking and proactive management with well-embedded policies and practices for budget and financial planning as well as for challenges, including affordable housing and environmental risks we believe the city has flexibility to absorb this pressure without multi-year budget stress.”

The Fiscal Year 2027 budget filed by Mayor Wu continues the City’s long record of carefully balanced budgets and responsible fiscal management by delivering strategic savings and protecting core city services residents and businesses rely on. The City of Boston will continue to meet fixed and long-term financial obligations, deliver for residents and families, and remain deliberate and disciplined amidst an evolving, unpredictable economic climate.

The City typically issues bonds at least once per year and expects to go to market on the sale of its 2026 General Obligation bonds the week of May 11, 2026. The upcoming bond sale is expected to generate $600 million in new funding for more than 200 capital projects in the City, including new and renovated schools, major park and playground renovations, new libraries, community centers and pools, energy improvement projects, and other state of good repair and infrastructure projects.

The Moody’s and S&P reports are available on the City’s website here and here.