Standard&Poor's Ratings Services affirmed its 'AAA' rating, with a stable outlook, on Kennebunk Town, Maine's general obligation (GO) debt based on Standard&Poor's local GO criteria, published Sept. 12, 2013, on RatingsDirect. The town's full-faith-and-credit pledge secures the bonds. Although the town is not restricted to a particular revenue source, Kennebunk has the power to levy ad valorem property taxes for bond repayment, subject to limitations of the state's LD-1 legislation. We rate the town higher than the nation because we believe Kennebunk can maintain better credit characteristics than the nation in a stress scenario based on its predominantly locally derived revenue base and our view that pledged revenue supporting debt service on the bonds is at
