02/27/2011

Investment services affirm top ratings for Cape Elizabeth municipal bonds

Two investment services, Moody's and Standard & Poor's, have affirmed Aa1 and AA+ bond ratings, respectively, for Cape Elizabeth.

The ratings were assigned to a $780,000 general-obligation refunding bond issue, approved by the Town Council on Feb. 13, 2012, and affirmed for the Town's outstanding debt of $17 million.

The new issue, expected to save $115,000 in interest over the next 10 years, will refinance a $1.5 million bond issued in 2002 to help pay for renovation of the Community Center.

Moody's Aa1 bond rating is the second-best rating in Maine, one step below Moody's highest rating of Aaa. Standard & Poor's AA+ is its highest rating in Maine.