Standard & Poor's has upgraded Edgartown's bond rating to "AAA," according to a release from town administrator James Hagerty.

The town was previously assigned "Aa2" by Moody’s Investors Services in 2016. 

Mr. Hagerty praised the decision in the release. 

"Standard & Poor's independent and objective decision to upgrade our bond rating on the heels of two very tumultuous economic years is a confirmation of our proactive fiscal management policies, and is a testament to the disciplined budgetary practices of our Finance Advisory Committee and Selectboard," Mr. Hagerty wrote. 

Mr. Hagerty credited strong budgeting, aggressive planning in climate resiliency and strict adherence to fiscal and operational policies with the upgrade in bond rating. He said the change would save Edgartown money and provide the town more favorable borrowing terms with lower interest rates on future capital projects.

"Ultimately, it could not have been accomplished without the hard work of the Town’s Financial Management Team and support of the voters at town meeting," Mr. Hagerty wrote.

—Noah Asimow