Summary: Kennebunk Town, Maine; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Kennebunk, Maine's series 2018 general obligation (GO) bonds and affirmed its 'AAA' rating, with a stable outlook, on Kennebunk's existing GO debt. The town's full-faith-and-credit pledge secures the bonds. Kennebunk can 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. Officials plan to use series 2018 bond proceeds to fund various capital improvement projects and refund the town's series 2007 GO bonds. Kennebunk's GO bonds are eligible for a rating above the sovereign because we believe the town can maintain better credit characteristics than the nation in

...S&P Global Ratings assigned its '###' rating and stable outlook to Kennebunk, Maine's series 2018 general obligation (GO) bonds and affirmed its '###' rating, with a stable outlook, on Kennebunk's existing GO debt. The town's full-faith-and-credit pledge secures the bonds. Kennebunk can 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. Officials plan to use series 2018 bond proceeds to fund various capital improvement projects and refund the town's series 2007 GO bonds. Kennebunk's GO bonds are eligible for a rating above the sovereign because we believe the town can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, the town has a predominately locally...

Summary