TOWN OF DENNIS ANNOUNCES AFFIRMATION OF AAA HIGHEST ATTAINABLE RATING WITH SAVINGS OF $364,000 THROUGH BOND SALE REFUNDING
The Town of Dennis is pleased to announce that S&P Global Ratings, a municipal bond credit rating agency has affirmed the Town’s long term ‘AAA’ rating (the highest possible municipal bond rating) in conjunction with a recent bond sale. The AAA rating recognizes Dennis as one of an elite group of high performing and functioning communities in the country as it relates to financial management and credit worthiness.
The rating agency cited the Town’s very strong management with strong financial policies and practices, strong budgetary performance, very strong budgetary flexibility and liquidity, and very strong debt and contingent liability position as positive credit factors.
On Wednesday, November 2, 2016, the Town received competitive bids from bond underwriters, for a $4,935,000 15-year new money and refunding bond issue, according to Catherine Cabral, Town Treasurer. FTN Financial Capital Markets was the winning bidder on the Bonds with an average interest rate of 1.486% The Town received a total of 7 bids on the Bonds. The Bond proceeds will be used to finance the Ezra Baker school improvements and refinance bonds of the Town originally issued on November 1, 2007 for police station construction purposes, which generate total savings of $364,000 over the remaining life of the bonds.
The bids for the Bonds were accepted at the offices of the Town’s financial advisor, FirstSouthwest, a Division of Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.