Congratulations

Congratulations is in order; it's been reported that the city's bond rating has been recently upgraded a step to an A2.

The bond rating is predicated on a number of factors, and the rating system can seem a little mysterious. From the DOR website:

A credit rating assigned to a municipality to help investors assess the future ability, legal obligation, and willingness of the municipality (bond issuer) to make timely debt service payments. Stated otherwise, a rating helps prospective investors determine the level of risk associated with a given fixed-income investment. Rating agencies such as Moody's and Standard and Poors use rating systems, which designate a letter or a combination of letters and numerals where AAA is the highest rating and C1 is a very low rating.

Just for historical perspective, this is Everett's bond rating for the last 12 years:

1995: A
1996: A
1997: A
1998: A3
1999: A3
2000: A2
2001: A2
2002: A1
2003: A1
2004: A2
2005: A3
2006: A3
2007: A2

These are all "A" level bonds, and Everett should be pretty proud of its financial record. Medford, Saugus, Somerville, Malden and Melrose have A level bond ratings. Revere is at B level.

The DOR had this to say about A level bonds:

Bonds that are rated A possess many favorable investment attributes and are to be considered as upper medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.