Weston Credit Rating Under Review by Moody's

Weston is among 12 towns or cities in the state whose credit ratings are in peril of being lowered because of the federal debt crisis, according to a Bloomsberg Businessweek article.

Moody’s Investors Service said last week it plans to review and potentially downgrade the credit ratings of 162 local governments in 31 states, according to the article. Those communities were put on a watch-list by Moody's, pending review.

In Massachusetts, the threatened communities include Acton, Bedford, Belmont, Brookline, Concord, Dover, Hingham, Lexington, Newton, Wayland, Wellesley and Weston.

Weston Finance Director Sarah Johnson told Patch Monday that the affect on residents would be minimal if Weston's credit rating was lowered.

“The affect on town finances? There would probably be a slight increase in interest,” she said.

Johnson said Weston, which has a AAA credit rating, recently went out for bond anticipation notes, and on July 21 sold the notes for $6.8 million at a rate of .0194 percent, which Johnson called “very competitive.”

She said the town will have a review of the credit ratings with Moody’s in the next 90 days.

“Weston has a very strong reputation that has benefited the town in the past,” Johnson said. “I think Weston’s reputation will hold it.”