Town rated AAA

BAR HARBOR — The town’s credit rating has been upgraded by Standard and Poors to AAA, making Bar Harbor a better bet for investors than the federal government.

The town jumped two notches, from AA to AAA. The federal government, meanwhile is rated AA+ by Standard and Poors.

“If you’re triple A, your going to get the best bids in the marketplace when you go to sell bonds, meaning lower yields,” town treasurer Stan Harmon said.

Harmon said he was pleased to hear of the top rating, but immediately thought that the next challenge is to keep it.

“The challenge is to stay there, because you don’t want to be downgraded,” he said.

With the town proposing to sell more than $3 million in bonds during the upcoming fiscal year, the new designation could make a real difference, Harmon said.

“You’re probably talking at least a quarter of a point,” he said. “Over the 20-year life of a bond, you will definitely save money.”

Find in-depth coverage of local news in the Mount Desert Islander. Subscribe digitally or in print.

Robert Levin

Robert Levin

Former reporter Robert Levin covered the people, businesses, governmental and nonprofit agencies of Bar Harbor. [email protected]
Robert Levin

Latest posts by Robert Levin (see all)