Standard&Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to the Town of East Haddam, Conn.'s general obligation (GO) 2015 refunding bonds. The municipality's full-faith-and-credit pledge secures the bonds. We understand bond proceeds will be used to refund 2008 bonds for an estimated present value savings of $500,000. The rating reflects our opinion of the following factors for the municipality: Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA); Adequate management, with "standard" financial policies and practices under our financial management assessment (FMA) methodology; Strong budgetary performance, with a slight operating deficit in the general fund but an operating surplus at the total governmental fund level; Very strong budgetary flexibility, with an
