DENNIS – The Town of Dennis recently had its AAA long-term bond rating – the highest attainable rating – affirmed by S&P Global Ratings.
The bond rating affirmation by the municipal bond credit rating agency was completed on October 1 in conjunction with the issuance of a $15 million 20-year bond with an average interest rate of 2.02 percent.
The town receive nine competitive bids on the bonds, and Hutchinson, Shockey, Erley & Co. was the winning bidder.
The bond proceeds will be used to finance projects, including the Dennis Highlands Golf Course renovations, Mayflower Beach Bathhouse reconstruction, Sesuit Harbor dredging, the Dennis Senior Center addition, 51 Paddocks Path, Dennis Land Acquisition (Holl), 481 Main Street, South Dennis Land Acquisition (Bush), and the Transfer Station Redesign Project.
S&P cited the town’s “extremely high creditworthiness,” and gave the town a ranking of “strong” following their Financial Management Assessment.
A ranking of “strong” indictates that “practices are strong, well embedded and likely sustainable.”
Positive credit factors included the town’s very strong economy, very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility and liquidity, and very strong debt and contingent liability position.
Dennis Town Administrator Elizabeth Sullivan thanked Finance Director Mary Anne Gibbs for ensuring that the town is adhering to the best management practices in place.
She also thanked the Board of Selectmen and Finance Committee for their sound financial policy decisions and continued support for operational decision making in response to economic and fiscal demands.
Sullivan said the affirmation keeps Dennis in a very strong position.
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