MOODY'S ASSIGNS A2 RATING TO THE TOWN OF EASTON'S (MA) $6.4 MILLION G.O. MUNICIPAL PURPOSE LOAN OF 2010 BONDS AND MIG 1 RATING TO $3 MILLION G.O. BANS

Posted on: April 14, 2010, 10:22 am

NEW YORK, Apr 14, 2010 -- Moody's Investors Service has assigned an A2 rating to the Town of Easton's (MA) $6.4 million General Obligation Municipal Purpose Loan of 2010 Bonds and a MIG 1 rating to $3 million General Obligation Bond Anticipation Notes (dated April 23, 2010; payable February 23, 2011). Concurrently, Moody's has affirmed the A2 rating on the town's $40 million in previously issued outstanding rated debt. The notes, as well the $4 million bond portion associated with school improvements, are secured by the town's unlimited general obligation tax pledge, as voters have excluded debt service from the levy limitations of Proposition 2 ½; the remaining $2.4 million bond portion is secured by the town's limited general obligation tax pledge. The long term A2 rating incorporates the town's satisfactory financial position with narrowing reserves, large tax base with above-average socioeconomic indicators, and a manageable debt burden. The MIG 1 rating reflects the town's demonstrated market access and underlying credit strength. Bond proceeds will redeem notes maturing on April 23, 2010 while note proceeds will renew a portion of the same...

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