May 24, 2013

Kennebunk receives highest Standard & Poor's rating

By Gillian Graham
Staff Writer

KENNEBUNK -  Kennebunk has received the highest possible rating from Standard & Poor's rating services, town officials announced Friday.

The "AAA" rating reflects an unbiased assessment of the credit worthiness of debt obligation in the public financial market. Town Manager Barry Tibbetts said Kennebunk is the only town in Maine and one of 213 municipalities in the country to receive that rating.

"We have a great management and financial team, which is an incredible asset for the community," Tibbetts said in a press release. "The big win from this AAA rating allows the town to borrow money at a lower interest rate, which in turns saves taxpayers' money on much needed capital improvements."

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