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Town's bond rating improves

Suhoski: Rating 'highlights management of the town'

February 14, 2012
STURBRIDGE — Standard and Poor's Rating Service has affirmed the AA bond rating for Sturbridge and enhanced its outlook from stable to positive, a decision that has pleased many town officials.

According to Town Administrator Shaun Suhoski, the affirmation helped yield a competitive interest rate of 2.337 percent for the town's issuance of $10.8 million in general obligation bonds. In addition, the favorable rating will allow refunding of outstanding USDA sewer debt to reduce its term and save more than $1.2 million in costs over the 20-year term.

"The S&P revision, especially in this time of continued economic morass, highlights the consistent and pragmatic fiscal and operational management of the town," said Suhoski, who praised the efforts of Finance Director Barbara Barry and Principal Assessor William Mitchell in preparing for the rating review.

For more on this story, please see tomorrow's Southbridge Evening News.

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