Standard & Poor's Ratings Services said it raised its long-term rating on Holden, Mass.' general obligation debt one notch to AA-plus from AA.
The outlook is stable.
The upgrade reflects Standard & Poor's opinion of the town's strong management and consistently strong budgetary performance.
"While currently unlikely to occur, if budgetary performance were to deteriorate significantly, leading to diminished reserves, we could lower the rating," said Standard & Poor's credit analyst Danielle Messler. "Over time, we could raise the rating if wealth and income were to increase and if management were to maintain reserves at levels we consider very strong. We, however, do not expect to change the rating within the outlook's two-year period."
At the same time, the rating service assigned its SP-1-plus short-term rating to the town's $22 million GO bond anticipation notes, dated June 19, 2015, and maturing on June 17, 2016.
