Summary: Bourne, Massachusetts; General Obligation; Note Sep 09

Standard & Poors, September 2009

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Bourne, Mass.' bond anticipation notes (BANs) and its 'AA-' rating to the town's 2009 general obligation (GO) bonds. At the same time, we affirmed the 'AA-' underlying rating (SPUR), with a stable outlook, on the town's existing GO debt. In our opinion, rating factors include the town's: Residential nature and location at the beginning of Cape Cod; Good income levels and extremely strong per capita market value; Strong financial position; and Low to moderate debt levels, coupled with limited additional capital needs. The town's full-faith-and-credit GO pledge secures the BANs and bonds outstanding. Bourne is in the upper Cape Cod region, approximately 60 miles south of Boston. It is...

Companies mentioned in this report are:
- Bourne Twn

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Bourne Twn

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