S&P Global Ratings, formerly Standard & Poor’s, assigned Northville Township a AAA bond rating, the highest one possible. This important credit rating increase translates to lower interest rates on bonds, which will save the community thousands of dollars in future borrowing costs.
NORTHVILLE TOWNSHIP, Mich., Nov. 16, 2021 – Northville Township proudly announces today that it has received the coveted AAA Bond rating from S&P Global Ratings, formerly Standard & Poor’s. The AAA Bond rating is the highest possible, and Northville is one of less than 20 communities in Michigan to receive such an honor.
“The Board of Trustees and our staff have been working hard to strengthen our financial position by lowering long-term costs, building strong fund balances, and keeping taxes low,” said Mark J. Abbo, Northville Township Supervisor. “These efforts have resulted in the strongest bond rating from Standard & Poor’s and will benefit the Township for decades to come.”
S&P Global is a business intelligence company whose goal is to provide high-level assessments of public and private companies, as well as government’s credit risk. In its latest report, S&P pointed to the Township’s past audited operating surpluses, very strong reserves and improved pension and other post-employment benefit (OPEB) funding as some of the reasons for increasing the Township’s bond rating.
“This AAA bond rating is so important to our community,” added Northville Township Treasurer Jason Rhines. “This rating will save the community thousands of dollars when it comes to borrowing funds for larger projects, like the demolition of the remaining buildings at Legacy Park as announced last October.”
Northville Township also has been repeatedly recognized by the Government Finance Officers Association for its budget and financial plans, most recently for its 2021 budget. Not only is Northville Township one of the few communities in the state to have a AAA Bond rating, but it is also in the top 2% in Michigan for its excellence in budgeting.
“As a financial professional, I can attest to how few municipalities/bonds receive AAA ratings, the top credit rating available,” said Deputy Treasurer Scott Frush. “Thus, congratulations to all for our fiscally conservative DNA.”
To view the 2021 Northville Township budget, Click Here
