Moody's Investors Service said it has upgraded Lancaster Mass.'s general obligation rating to Aa3 from A1, affecting approximately $6.6 million in outstanding debt.
Concurrently, Moody's has assigned a Aa3 rating to $3.2 million general obligation municipal purpose loan of 2015 bonds.
The upgrade to Aa3 from A1 primarily reflects the town's significantly improved financial position and maintenance of healthy reserve levels.
Additionally, the rating incorporates the town's modestly sized tax base in Worcester County, and manageable long-term liabilities for debt, pension and OPEB.
