NEW YORK (Standard&Poor's) May 24, 2013--Standard&Poor's Ratings Services said that it raised its rating on the town of Kennebunk, Maine's general obligation (GO) bonds to 'AAA' from 'AA+'. The outlook is stable. "The higher rating reflects the town's stable general fund performance due, in part, to management's conservative budgeting philosophy that has led to a very strong reserve position," said Standard&Poor's credit analyst Hilary Sutton. The rating also reflects our view of the town's: Diverse local economy, with additional access to the greater Portland metropolitan statistical area (MSA); Stable property tax base with extremely strong wealth and very strong incomes; Very strong available general fund balance bolstered by a sizable committed balance that could
