The Town of Marion's finances are now considered the "gold standard."

Standard and Poor, one of the world's leading providers of independent credit risk research and benchmarks, has raised Marion’s long-term rating one notch to “AAA.”

The rating upgrade reflects Standard and Poor’s assessment that Marion’s budgetary flexibility is very strong and that the town has successfully maintained and managed reserves that are well in excess of expenditures. An obligation rated AAA has the highest rating assigned by Standard & Poor's. Marion’s capacity to meet its financial commitment on obligations is considered strong.

In issuing its report, Standard & Poor’s indicated that it considers “the town’s management conditions as strong with good financial practices.”

Selectmen Chair Jody Dickerson said that this rating upgrade brings with it some very positive, long-term benefits for Marion and its taxpayers.

“S&P has recognized our efforts to position the Town of Marion in a strong financial position even within an otherwise challenging economy. This will reduce our future borrowing costs and result is significant, long-term savings for Marion taxpayers,” said Dickerson.

The new credit rating reflects its assessment that Marion’s economy is strong with access to the broad and diverse Boston metropolitan statistical area. In addition, Marion’s budgetary flexibility is very strong; that its budgetary performance is likewise very strong with positive operating results for the past three audited fiscal years; and that the debt and contingent liability profile is strong with total government debt service at 3.8 percent of total government fund expenditures

Selectman Stephan Cushing also approved the upgrade.

“We have been working very hard and employing some solid strategies to put the town on strong financial footing. This validates our efforts and will allow us to re-affirm our commitment to strengthening our financial policies and procedures,” he said. “I congratulate our management team, including the Finance Committee, on this important accomplishment.”