Local

S&P Raises Bond Ratings Of 5 Mass. Cities

View Comments
cash, money, 100 dollar bills

File image (credit: OSCAR SIAGIAN/AFP/GettyImages)

BOSTON (AP) — At least five Massachusetts cities have begun the new year on an optimistic note after a major credit service raised their bond ratings, citing their strong economic and budgetary performances.

A bond rating for the state is like a credit rating for a person. The Standard & Poor’s Rating Services bond rating system uses an alphabetical scale from AAA — indicating an extremely strong capacity to meet financial commitments — down to D, marking an obligation that is in default.

Standard & Poor’s raised the rating for Salem and Attleboro’s bonds two notches to AA from A-plus. The rating for Gloucester, Freetown and North Attleboro also rose one notch each. The outlook for all is stable.

S&P upgraded Gloucester’s bond rating to AA from A-plus, North Attleboro rose to AA from AA-minus and Freetown’s jumped to AA from AA-minus.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,688 other followers