The 'AA' rating on Newington, Conn.'s GO bonds series 2004 reflects the town's: Stable and primarily residential nature, coupled with above-average wealth and income indicators; Continued modest tax base growth, with a high market value per capita ratio; Continued solid financial performance and management resulting in strong reserve levels; and Favorable overall debt position with modest future borrowing needs and a rapid amortization schedule. The town's full faith and credit pledge secures the bonds. Bond proceeds will be used to finance additions and renovations to elementary schools and for renovations to, and expansion of, the town's police station. The town expects it will receive grants from the state at a 54% reimbursement rate for eligible school projects. Newington, with a
