DENNIS – The town of Dennis’ AAA municipal bond credit rating has been affirmed by S&P Global Ratings following a recent bond sale.
The municipal bond credit rating agency cited the town’s strong management, financial policies and practices, budgetary performance, flexibility and liquidity and debt and contingent liability position as positive credit factors.
The town received seven competitive bids last week from bond underwriters for a $4.935 million, 15-year new money and refunding bond issue, according to Town Treasurer Catherine Cabral.
FTN Financial Capital Markets had the winning bid on the bonds with an average interest rate of 1.486 percent.
Proceeds from the bonds will be used to finance improvements to the Ezra H. Baker Innovation School and to refinance town bonds originally issued in 2007 for police station construction purposes.
The town will save $364,000 over the remaining life of the bonds.
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