Summary: Kennebunk, Maine; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to the Town of Kennebunk, Maine's $12.207 million series 2021 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating, with a stable outlook, on the town's existing GO debt. The town's full faith and credit pledge secures the bonds. Kennebunk pledges to levy ad valorem property taxes for bond repayment subject to limitations of the state's LD-1 legislation. We rate the limited-tax GO debt on par with our view of Kennebunk's general creditworthiness given that the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the

...S&P Global Ratings assigned its '###' rating and stable outlook to the Town of Kennebunk, Maine's $12.207 million series 2021 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' rating, with a stable outlook, on the town's existing GO debt. The town's full faith and credit pledge secures the bonds. Kennebunk pledges to levy ad valorem property taxes for bond repayment subject to limitations of the state's LD-1 legislation. We rate the limited-tax GO debt on par with our view of Kennebunk's general creditworthiness given that the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the town's overall ability and willingness to pay debt service. Officials plan to use the series 2021 bond proceeds to fund refund about $2.08 million of the series 2010 GO bonds to achieve present-value savings and the remainder will be used to finance various capital projects....

Summary