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Moody’s lowers Braintree credit rating to AA3; town leaders call decision "rearview" assessment
Summary
On Oct. 15 Moody’s downgraded the Town of Braintree’s issuer rating from AA2 to AA3. Finance Director Mike Esben and Mayor Erin Joyce told the council Oct. 21 the move was driven by low reserves recorded in fiscal 2024, called the action backward‑looking and said there is no immediate impact to town borrowing.
Moody’s Investors Service lowered the Town of Braintree’s credit rating from AA2 to AA3 on Oct. 15, the town’s finance director told the Town Council on Oct. 21. Finance Director Mike Esben said the downgrade was driven mainly by a drop in reported reserves for fiscal 2024 and by Moody’s internal scorecard, and described the action as a backward‑looking assessment of past financial results.
“We would just call your attention to a statement that the mayor’s office put out,” Esben told the council. He added, “This decision by Moody’s is one that is very much a rearview‑mirror decision,” and said the town has published the agency’s report and is sharing additional materials for transparency.
Esben said Moody’s flagged the…
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