S&P Global Ratings has given a “AAA” rating to the town of Andover for its series 2025 general obligation bonds. The town’s existing general obligation debt also received a “AAA” rating from S&P.
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The analysis by S&P highlights several factors that continue to support such ratings. The town has continued to see private investment and has access to the regional economy of the greater Boston area.
Andover also engages in conservative budgeting, forward-looking management practices, and its revenues have consistently outpaced projections. Its liabilities that are long term are manageable, and its debt service is at levels which are sustainable. The town also has strong liquidity and stable reserves, and it expects its tax base to continue to grow.
These ratings reflect the expanding and string economic base of the town, its long track record of positive fiscal performance, and its consistent approach to financial management. Andrew Flanagan, town manager, said this reflects the disciplined and long-standing approach of the town to financial management, which has been supported by the Select Board for many years in addition to an exceptionally capable staff, finance team, and department heads. He added that it is important for Andover to keep these ratings as it moves forward on major infrastructure and capital projects.
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362 N. Main Street
Andover, MA 01810
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