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Bourne, Massachusetts; General Obligation; Note Jan 09
Standard & Poors, Jan 2009
Abstract
Standard & Poor's Ratings Services raised its standard long-term rating and underlying rating (SPUR) on Bourne, Mass.' general obligation (GO) debt one notch to 'AA-' from 'A+' based on the town's consistently stable financial performance and improved reserves. The outlook is stable. Standard & Poor's also assigned its 'SP-1+' short-term rating to the town's series 2009 bond anticipation notes (BANs). In our opinion, rating factors include the town's: Residential community, which straddles both sides of the Cape Cod Canal; Consistent, healthy property tax base growth; Good wealth and income; and Moderate per capita debt levels, coupled with modest additional capital needs. The town's full faith and credit GO pledge secures the BANs and bonds outstanding. Officials will use BAN proceeds...
Companies mentioned in this report are: Bourne Twn
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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