The city of Westbrook’s financial health is looking strong.
Moody’s Investors Service recently upgraded Westbrook’s bond rating from Aa3 to Aa2. The ratings boost reflects the city’s strong economy as well as its maintenance of a strong reserve balance and cash position, Moody’s said in its rating rationale.
“The city’s strong financial management has resulted in a trend of healthy reserves, which have grown during the last few years due to multiyear surpluses including all governmental funds. Management expects to realize a surplus of roughly $1.8 million for fiscal 2022,” Moody’s said in its analysis.
Mayor Michael Foley announced the bond rating upgrade on Monday.
“We attribute these results to the City Council’s support of our fiscal management strategies and the tremendous staff we have leading our finance department under the direction of Suzanne Knight. This is a tremendous accomplishment for the city and we look forward to future improvements to maintain and improve our rating in the years to come,” Foley said in his message to the City Council.
Send questions/comments to the editors.
