Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating on Kingston, Mass.' general obligation debt to AA from AA-minus.
Standard & Poor's also assigned its AA rating to the town's series 2013 GO refunding bonds The outlook on all the ratings is stable.
"The upgrade reflects the town's recent track record of strong budgetary performance and marked improvement to reserves and operating flexibility," said Standard & Poor's credit analyst Victor Medeiros.
The long-term rating reflects the town's: location and access to employment centers throughout the Boston metropolitan statistical area, strong household incomes and very strong property wealth despite recent declines, a good financial position bolstered by improved management practices, and a low debt burden with modest capital needs on the horizon and a relatively aggressive amortization schedule.
The town intends to use the bond proceeds to refund a portion of its outstanding series 2003 bonds for interest rate savings.
Kingston, with a population estimate of 12,757, is in southeastern Massachusetts in Plymouth County.
