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Moody Rating

FOR IMMEDIATE RELEASE CONTACT: CHARLES J. CRISTELLO
DATE: March 22, 2002Town Administrator

MOODY'S UPGRADES TOWN OF HINGHAM BONDS TO Aaa
HIGHEST RATING SOUTH OF BOSTON

Moody's Investors Services announced this week that it has assigned an Aaa rating to Hingham's existing general obligation bonds and to the bond issue scheduled for later this month for the South School and High School renovation projects plus a variety of other municipal projects. The improvement in the town's bond rating will reduce the cost of borrowing for the upcoming bond issue by over $400,000. The town had previously been rated Aa1.

The Aaa rating reflects Hingham's well managed and conservative financial operations, superior socioeconomic indicators, demonstrated and anticipated growth in taxable values, and growing reserve levels. Moody's expects the town will continue its trend of strong financial operations due to prudent management and conservative budgetary practices.

Chairman of the Board of Selectmen Katharine Reardon was pleased by the news. "This is very good news for Hingham taxpayers. The cost to the average property owner will be substantially less than we expected. Not only do we have the highest possible bond rating, but we waited to borrow until interest rates reached their lowest level in decades. Our outstanding financial management team has produced significant financial benefits for our taxpayers."

This is the fourth consecutive rating upgrade that Hingham has received in the past decade. In 1993, Moody's raised Hingham's rating from A1 to Aa3, in February 1998 they raised it to Aa2, and in October 1998 to Aa1. Out of the 351 cities and towns in Massachusetts only 11 others have the Aaa rating. Hingham is proud to be a member of this group of 12 towns that have attained the highest rating.

Selectmen Reardon expressed her gratitude to the many town officials who worked to accomplish this upgrade. "I particularly want to thank the people that traveled to New York and made our case to the Moody's analysts: Selectman Mathew MacIver, Advisory Committee Chairman Kevin Smith, Advisory Finance Sub-committee Chairman Frederick Copeman, Town Administrator Charles J. Cristello, Finance Director/Town Accountant Ted Alexiades, Treasurer/Collector Ruth Beck, Director of Assessing, R. Lane Partridge, and School Business Manager David Killory. I also want to acknowledge the able assistance of our financial advisors from Evenson Dodge Inc., Richard Tortora and Monika Suarez."