Crime & Safety

PDF: Town's Bond Rating Increased in Time for New Fire Station Bond

The increased bond rating will allow the town to borrow money at a cheaper interest rate.

The town's bond rating has increased to AA from AA- by Standard & Poor's, allowing the town to borrow money at a cheaper rate as it prepares to bond $7.8 million to pay for a

In the report, Standard & Poors writes that the town's rating has been increased "due to our view of sustained improvement in the town's financial position and performance."

Standard & Poor's mentioned a favorable local economy with above-average wealth and income and low unemployment relative to state and national averages. It also cited strong financial management practices and a low debt burden with rapid principal amortization.

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However, Standard & Poor's expressed concern over the town's sizable pension "and other postemployment benefit liabilities that, despite recent actions taken to begin to address these costs, could pressure the town's budget iffurther action is not taken."

The increased bond rating will help in financing the fire station and paying for fiscal 2013 capital improvements.

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