Debra M. Blanchette, Town Treasurer, announced that the Town received competitive bids from bond and note underwriters on Tuesday, February 14, 2017, for a $10,690,000, 20-year bond issue and a $744,000, 105-day note issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 2.74%. Century Bank was the winning bidder on the Notes with a net interest cost of 1.20%. The Town received a total of 7 bids on the Bonds and 2 bids on the Notes. Bond and Note proceeds will be used to finance various municipal purposes.
Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the Town’s ‘AAA’ bond rating, the highest rating attainable. The rating agency cited the Town’s very strong economy, very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility, very strong liquidity, strong debt and contingent liability profile, and strong institutional framework as positive credit factors.