Cambridge has retained its AAA rating from the nation’s three major credit rating agencies for the 15th straight year, the city said in a press release Wednesday.
The credit ratings have enabled the city to finance a variety of capital projects at favorable interest rates that have saved Cambridge taxpayers money, according to the city.
This year’s ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings come as the city is preparing to sell $34.9 million in bonds to pay for projects including the King Elementary renovations, sewer reconstruction, improvements to the Harvard Square tunnel and open space improvements at Cambridge Common and street reconstruction and Kendall Square surface improvements, according to the city.
City Manager Richard Rossi said in a statement Wednesday that the city’s fiscal strategies and management practices have had tangible impacts for taxpayers. He said 75 percent of residential taxpayers in the city saw a reduction, no increase or an increase of less than $100 on their Fiscal Year 2014 tax bill.
“We have one of the lowest city tax rates in the Commonwealth,” Rossi said. “This is possible because of the collaboration that occurs between the City Council and the City Administration around sound fiscal planning.”