Standard & Poor's affirms Town of Littleton's AA bond rating
On January 15, 2010, Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Littleton, Mass.' general obligation (GO) bonds series 2010. At the same time, Standard & Poor's affirmed its 'AA' underlying rating (SPUR) on the town's existing GO debt. The outlook is stable. The rating, in S&P's opinion, reflects the town's:
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Sound location along Interstate 495, which rings metropolitan Boston, Mass., providing residents with access to larger job centers;
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Very strong wealth and income levels;
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Maintenance of a strong financial position for the last five years; and
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Moderate-to-low overall net debt burden.
The Standard & Poor's rating report indicated: "In our opinion, Littleton has maintained a strong financial position over the last five fiscal years (2005-2009), with available reserves (stabilization plus unreserved fund balance) maintained between 11% and 12.5% of operating expenditures. . . . The stable outlook reflects Standard & Poor's expectation that the town will continue to manage recurring revenues and expenditures and to maintain reserve levels according to their established goals and policies. Further stability is provided by the town's sound wealth and income levels as well as ongoing economic development."