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City’s bond rating raised to ‘A’

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The city’s bond rating was recently raised from A- to A by Standard & Poor’s rating services. A report prepared by the credit rating company said the upgrade is based on “strong performance and greater operating flexibility,” according to city officials. The improved rating will enable the city to obtain lower interest rates when it issues bonds. “We are very pleased with the upgrade in bond rating, especially in the uncertain economic climate all cities and towns are facing,” Mayor Judith Flanagan Kennedy said in a statement. “We have worked hard the last two years to stabilize the budget and enhance the reserve fund, and this rating reflects positively on those efforts.” The upgrade comes as the City Council on Tuesday will hold a public hearing on a proposal that the city bond $3.9 million for capital improvement projects.

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