Framingham Online News

Moody's Assigns Framingham "AA" Bond Credit Rating

Filed under: Business by News Staff at 7:49 pm on November 9, 2019
PHOTO: Framingham, MA, Town Hall / Memorial Building

Framingham's City Hall, locally known as The Memorial Building, is located at the corner of Union Ave and Concord St.

FRAMINGHAM, MA - On November 06, 2019, Moody's Investors Service assigned a Aa2 rating, (also noted as "AA"), to the City of Framingham, MA's $27.5 million General Obligation Municipal Purpose Loan of 2019 Bonds.

The rating Aa2, is the third highest possible rating, (the best is "Aaa" or "AAA", followed by "Aa1" or "AA+", then the rating Framingham was assigned: "Aa2" or "AA").

Moody's maintains the Aa2 rating on the city's issuer rating and outstanding general obligation limited tax bonds. The issuer rating is equivalent to the city's hypothetical general obligation unlimited tax rating; there is no debt associated with this security. The outlook is stable.

The outstanding general obligation limited tax bonds (GOLT) are considered limited tax because the entire amount of debt service has not been excluded from restrictions under Massachusetts law on the city's ability to increase the property tax levy to pay debt service, referred to as Proposition 2 1/2.

RATINGS RATIONALE - The Aa2 issuer rating reflects the stable financial position, sizeable tax base with a large local economy, above-average but manageable debt burden, and average unfunded pension liability.

The absence of distinction between the GOLT rating and the issuer rating reflects the city's ability to override the property tax cap and its pledge of its full faith and credit.

RATING OUTLOOK - The stable outlook reflects the healthy growth in the tax base that is expected to continue over the near term as well as expectations that the city will maintain the current financial position with no material changes in reserves or liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE

  • Material growth in reserves and liquidity
  • Significant decline in the debt burden
  • Sustained trend of higher resident income levels

FACTORS THAT COULD LEAD TO A DOWNGRADE

  • Continued growth in the debt burden
  • Decline in reserves and liquidity

LEGAL SECURITY - The bonds are secured by the city's full faith and credit, general obligation limited tax pledge as debt service has not been excluded from the tax levy limits of Proposition 2 1/2.

USE OF PROCEEDS - Proceeds will be used to finance various capital projects of the city.

PROFILE - Framingham has a population of 70,743 and is primarily residential with a large commercial presence. The city is located in Middlesex County, approximately 20 miles west of Boston.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.  Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

(Nicholas Lehman, Lead Analyst, Regional PFG Northeast, Moody's Investors Service, Inc., One International Place, 100 Oliver St Suite 1400, Boston 02110, US)

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Framingham Roadwork and Construction (Oct. 7-13, 2018)

Filed under: General Interest by News Staff at 3:06 pm on October 5, 2018
Framingham Traffic / Detour Signs

Drivers are alerted to Be Prepared To Stop, (and wait), as construction continues in Framingham.

FRAMINGHAM, MA - Commuters should be aware that there may be traffic delays due to road construction and other work being done in the the City of Framingham during the week of October 7th through 13th, 2018.

Below is a list of scheduled road work:

Concord Street: Expect minor traffic delays as crews perform utility improvements in areas along Cherry Street to School Street and A Street south of Bonito Drive between 7:00 a.m. and 3:00 p.m.

Cottage Street: Expect moderate delays as crews perform utility improvements between School Street and Danforth Street between 7:00 a.m. and 4:00 p.m.

Flanagan Drive: Expect minor delays as crews perform utility improvements along the sidewalk between 7:00 a.m. and 4:00 p.m.

Fountain Street: Expect minor delays as crews perform roadway improvements overnight between 7:00 p.m. and 5:00 a.m. A detour will be in place for this work.

Indian Head Heights: Expect minor delays as crews continue utility work on Indian Head Heights between the hours of 7:00 a.m. and 5:00 p.m.

Lanewood Avenue: Roadway closure between Briarwood Road and Waveney Road until November as crews perform utility improvements under the aqueduct. Traffic will detour onto Angelica Drive and Waveney Way to access Waveney Road.

Little Farms Road: Expect minor delays as crews perform utility improvements between 7:00 a.m. and 3:00 p.m.

Nixon Road: Expect moderate delays on Tuesday, October 9 and Wednesday, October 10 as crews complete punchlist items on the roadway from Edmands Road to Parmenter Road and Parmenter Road to the Marlborough town line between 7:00 a.m. and 3:00 p.m.

Old Connecticut Path: Expect moderate delays on Friday, October 12 as crews complete punchlist items from School Street to the Wayland town line between 7:00 a.m. and 4:00 p.m.

Dinsmore Avenue: Dinsmore Avenue will be closed as crews make utility improvements. Work will take place between 7:00 a.m. and 5:00 p.m.

Speen Street: Expect minor traffic impacts as crews complete punchlist items on Speen Street between Old Conn. Path and Cochituate Road between 7:00 a.m. and 3:00 p.m.

Union Avenue: Northbound travel (heading toward Route 9) will be permitted through the work zone (between Melrose Street and Walnut Street). Southbound traffic between Walnut Street and Melrose Street is NOT permitted; traffic will be detoured to Franklin Street (southbound) to Melrose Street to reconnect with Union Avenue. All trucks and over-sized vehicles heading southbound must use Franklin Street. Two-way local traffic traveling between Main Street and Walnut Street will be maintained.

Additionally, work will take place in the area of the MetroWest Medical Center on Lincoln, Thurber, Myrtle, Learned and Evergreen Streets. Please take notice of posted parking restrictions.

The City requests that motorists do not cut through residential side streets or parking lots to circumvent the detour; that type of activity can create traffic issues and unsafe situations for pedestrians.

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