Standard&Poor's Ratings Services has raised its rating on the town of Kennebunk, Maine's general obligation (GO) bonds to 'AAA' from 'AA+', reflecting 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. The outlook is stable. 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 be used for operations; Limited pension and other postemployment benefit (OPEB) liabilities; and Low debt burden with limited capital needs.
