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Summary: Kittery, ME; Tax Secured, General Obligation Nov 02
Standard & Poors, November 2002
The upgrade to 'AA' from 'AA-' on the town of Kittery, Maine's GO bonds is based on the significant growth of the town's tax base in recent years and consistently strong reserves through the current economic downturn. Other credit characteristics that support the rating include: A vibrant retail presence that underpins the growing tax base, Participation in a regional economy that continues to feature favorable unemployment rates and high wealth and income levels, Financial operations characterized by operating surpluses and strong fund balances, and A low debt burden. Kittery (population 9,543) is the southernmost town in Maine, directly across the Piscataqua River from Portsmouth, N.H. (rated 'AA-'). Served by Interstate 95 and U.S. Route 1, millions of tourists pass through...
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Action: New Rating
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