S&P: Revere, MA GO Debt Rating Raised To 'AA' On Improved Market Value, Budgetary Performance

S&P Global Ratings raised its rating on Revere, Mass.' general obligation (GO) debt one notch to 'AA' from 'AA-'. The outlook is stable.

The rating action reflects S&P Global Ratings' opinion of the city's improved market value and budgetary performance. The rating service believes budgetary flexibility factors have improved due to recent strong economic performance.

"We do not expect to change the rating within the two-year outlook period. However, we could raise the rating if management were to maintain very strong budgetary flexibility at levels we consider comparable with higher-rated peers through consistent positive financial performance while reducing its long-term retirement liabilities and debt, coupled with improved economic indicators in-line with higher-rated peers," said S&P Global Ratings credit analyst Steven Waldeck. "If budgetary performance were to deteriorate, if reserves were to decrease, or if the debt-and-contingent-liability profile were to weaken due to additional debt issuance or increased retirement costs, we could lower the rating."

The stable outlook reflects S&P Global Ratings' opinion of Revere's strong budgetary performance and strong underlying economy, supported by its access to the Boston metropolitan statistical area. The rating service believes Revere's very strong liquidity and planned maintenance of very strong budgetary flexibility further support the rating.

The city's full-faith-and-credit pledge, subject to Proposition 2 1/2 limits, secures the bonds. S&P Global Ratings rates the limited-tax GO debt on par with its view of Revere's general creditworthiness, reflected in the rating on the unlimited-tax GO bonds.
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