Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating on the town of Randolph, Mass.' general obligation debt to AA from AA-minus.
The outlook is stable.
"We base the upgrade on the town's strong budgetary performance, which has led to improving budgetary flexibility and liquidity," said Standard & Poor's credit analyst Timothy Daley.
At the same time, Standard & Poor's also assigned its AA long-term rating and stable outlook to Randolph's series 2015 municipal loan GO bonds.
The town's full-faith-and-credit pledge, subject to Proposition 2 1/2, secures the GO debt. Despite the limitations imposed by the state levy limit law, S&P did not make a rating distinction for the limited-tax GO pledge given the town's flexibility under the levy limit.
Officials plan to use bond proceeds to permanently finance bond anticipation notes (BANs) outstanding originally issued for various capital improvement projects, as well as to finance additional capital projects throughout the town.
