Moody's revises outlook on Framingham, MA to stable from negative; affirms all Aa2 ratings and assigns MIG 1 to new GO BANs

Moody's Ratings assigns MIG 1 to Framingham, MA's GO BANs - Rating Action – 2024/05/09 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

City of Framingham, MA: Update following outlook revision to stable - Credit Opinion – 2024/03/01 – US$ 250.00 – ...Framingham's (Aa2 stable) credit profile is bolstered by its strong economy and diverse tax base. The city's resident income and full (equalized) value per capita are above-average and in line with the rating category. The rating also incorporates recovery of the city's financial position as it has reduced its use of reserves to balance the operating budget, raised utility fees, and stabilized reserves and liquidity. The city's available reserves and net unrestricted current assets at the end of fiscal 2022 totaled almost $62 million representing 14.3% of revenue. While the nominal amount is large, the amount as a percent of revenue is the lowest of any Aa2 rated city or town in Massachusetts. Although reserves are likely to remain low as a percent of revenue for the rating category, we expect the financial position to remain stable in part due to financial flexibility afforded by unused levy capacity that can be tapped if needed. The leverage position is moderate and likely to remain manageable...

Moody's assigns MIG 1 to Framingham, MA's GO BANs - Rating Action – 2023/06/06 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Framingham (City of) MA: Update to credit analysis - Credit Opinion – 2022/07/11 – US$ 250.00 – ...Framingham (Aa2 negative) benefits from a large tax base with a significant commercial presence and above-average resident income and wealth. The city's financial operations have historically been very stable. However, audited fiscal 2021 results reflect a material decline in the financial position attributable to use of reserves to balance the operating budget, one-time use towards a school project and operating challenges in the utility enterprise fund. The city has begun to address the operating imbalance in the fiscal 2023 budget with conservative assumptions and a decline in the use of reserves. The debt burden is slightly elevated but expected to remain level over the next few years. The pension and OPEB liabilities should remain manageable over the long-term. This credit opinion has limited updates from the May 26, 2022 credit opinion. The updates include audited fiscal 2021 results instead of draft unaudited results and an overview of the fiscal 2023 final budget....

Moody's assigns Aa2 to Framingham, MA's GO bonds; outlook negative - Rating Action – 2022/07/11 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Framingham (City of) MA: Update following outlook revision to negative - Credit Opinion – 2022/05/26 – US$ 250.00 – ...Framingham (Aa2 stable) benefits from a large tax base with a significant commercial presence and above-average resident income and wealth. The city's financial operations have historically been very stable. However, draft unaudited fiscal 2021 results reflect a material decline in the financial position attributable to use of reserves to balance the operating budget, one-time use towards a school project and operating challenges in the utility enterprise fund. The city has begun to address the operating imbalance in the fiscal 2023 budget with conservative assumptions and a decline in the use of reserves. The debt burden is slightly elevated but expected to remain level over the next few years. The pension and OPEB liabilities should remain manageable over the long-term. On May 26, we assigned a negative outlook and affirmed the Aa2 rating on the city's general obligation bonds....