Rating reflects view of Burlington’s very strong economy and stable financial operations
Burlington, MA – S&P Global Ratings gives Town of Burlington an “AAA” rating – its highest rating reflecting the municipality’s strong economy and stable financial operations. Burlington has maintained a strong reserve profile given the Town administration’s ability and willingness to make budgetary adjustments to maintain financial balance.
Burlington’s economic health stems from a diverse mix of commercial and residential growth. S&P expects that the town will continue to see both residential and commercial development, leading to growth in the tax base and stability in its underlying wealth and income metrics.
“Burlington is a proactive community that works to meet the needs in the changing markets. We have updated zoning to accommodate more residential options and life science uses. And we are exploring new infill opportunities to create more walkable nodes in the commercial districts. Burlington’s approach sets it apart from other communities and positions it well for a sustainable growth” said Melisa Tintocalis, Economic Development Director for the Town of Burlington.
Burlington’s location provides good access to the major employment centers in the state and makes the town an attractive location for large regional employers.
A series of commercial development projects have recently concluded or are underway, including a $100 million redevelopment at the town’s mall and new construction at Northwest Park that has already been fully tenanted. There are also various residential developments underway, with 300 units of multifamily housing permitted and about half of those units currently under construction.