Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AAA from AA-plus on Harvard, Mass.' general obligation bonds.
The outlook is stable. Standard & Poor's also assigned its SP-1-plus short-term rating to the town's GO bond anticipation notes payable on June 25, 2015.
"The upgrade is based on the town's record of financial stability and our expectation that the trend will continue," said Standard & Poor's credit analyst Hilary Sutton. "Supporting this view are a management team with good policies and procedures and a multiyear projection of surplus operations."
The bonds and BANs are secured by the town's full faith and credit pledge. The majority of proceeds will be used to retire BANs maturing on June 25, 2014.
