Weinberger came into office in 2012 pledging to improve financial management at City Hall. This marks the second upgrade in the city’s credit rating during his tenure: In March 2015, Moody’s Investors Service raised it one step, from Baa3 to Baa2, and yesterday, it raised it two steps to A3.
Burlington’s credit rating plummeted six steps under Weinberger’s predecessor Mayor Bob Kiss, in response to the tenuous financial situation at Burlington Telecom.
In its credit report, Moody’s cited three years of operating surpluses and Burlington’s status as the state’s economic engine as reasons for the upgrade. Its decision will save the city money by allowing it to refinance its debt at a lower interest rate. Weinberger estimated $450,000 in immediate savings.
In a statement, the mayor said, “Today’s news is proof that the commitment of the community, the City Council and the Administration to restore Burlington’s financial reputation is working. We are keeping dollars in Burlingtonians’ wallets, not wasting them on high interest payments.”
Got something to say?
Send a letter to the editor and we'll publish your feedback in print!
For citizen’s of Burlington this is a good thing, less money spent when borrowing money should mean less tax hikes for its citizens. Mayor Miro deserves a large thank you for moving the Burlington Prog financial mess in a positive direction. Instead he is usually pilloried as a developer. I for one think he is doing a great job for Burlington