The Town of Raymond was issued an “AAA” rating after the need to sell $885,000 in General Obligation Bonds. Raymond received an AAA rating a few years ago and are pleased to report that they have again been giving the AAA score, the highest issued.
“There is a small club of Maine communities that have that rating,” said town manager Don Willard. “It’s very difficult to achieve that and to have it twice is an achievement for the town.”
The rating report cites the town’s strong financial condition coupled with strong management policies as leading factors in maintaining S&P’s highest rating category. S&P considers Raymond’s economy to be strong with access to the broad and diverse economy of the Greater Portland region. Raymond is led by a strong management team backed with prudent fiscal policies. Very strong budgetary performance and low debt levels are also considered to be very positive attributes of Raymond. S&P also reflected in their report that Raymond has healthy reserve levels; very strong tax collections; high income levels and very strong per capita market value of real estate.
“It’s an indication that things are going well for the community,” said Willard, indicating the competency of both elected and appointed town position.
The “Stable” outlook indicates that Raymond would likely retain the AAA rating over the next two year horizon given the town’s continued strong financial performance, the underlying strong local economy and the strength of its internal management.
“The bond has been approved and now we’re issuing it,” Willard said.
The bonds will fund the construction of a new salt/sand storage facility and the purchase a new fire truck.