NEW YORK - Standard & Poor's Ratings Services said it raised its rating to AA-plus from AA on Chatham, Mass.' $9.3 million in outstanding general obligation debt, reflecting the town's strong tax base growth driven by higher-end residential property appreciation. New growth and valuation has greatly expanded the tax base, allowing the town to maintain a very low tax rate and build reserves.
Additionally, Standard & Poor's assigned its AA-plus rating to the town's $9.9 million GO bonds. The outlook is stable.
"Chatham's financial operations are strong and are supported by good tax collections that account for 70% of operating revenues," Standard & Poor's credit analyst Colin MacNaught said. "We expect the town's financial position to remain strong and that its debt levels will remain manageable."
