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The original item was published from 4/15/2021 9:31:00 AM to 5/1/2021 12:00:04 AM.

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Posted on: April 15, 2021

[ARCHIVED] Provincetown's Bond Rating

S&P Rating1

Alexander Williams, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Tuesday, April 13, 2021, for a $12,710,000 20-year general obligation bond issue. Bank of America Merrill Lynch was the winning bidder on the Bonds with an average interest rate of 1.308%. The Town received a total of 5 bids on the Bonds. Bond proceeds will be used to finance various municipal projects and refinance bonds of the Town originally issued September 15, 2005, November 15, 2006, June 15, 2009 and January 15, 2011. The refinancing will generate gross budgetary savings of $777,697 over the remaining life of the bonds refunded.

Prior to the sale, S&P Global Ratings, a municipal credit rating agency, affirmed the Town’s ‘AA+’ underlying long-term debt rating. The rating agency cited the Town’s very strong economy, strong management with good financial policies and practices, strong budgetary performance, very strong budgetary flexibility, and very strong liquidity as positive credit factors.

The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.

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