Moody's Investors Service has upgraded to A1 from A2 the rating on the town of Saugus, Mass.'s general obligation bonds, affecting $27.5 million in rated debt.
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Concurrently, Moody's removed the negative outlook.
Of the town's outstanding general obligation debt, $9.9 million is secured by the town's unlimited general obligation tax pledge and excluded from the limitations of Proposition 2½ while the remainder is secured by the town's limited general obligation tax pledge.
The A1 rating primarily reflects the town's sizable tax base located just outside of Boston, growth of general fund reserves, above average resident wealth levels, and manageable debt burden.
