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CUMBERLAND â In recognition of the townâs strong budgetary performance and good management practices, Standard & Poor's Ratings Services has raised Cumberlandâs general obligation bond rating one notch to âAAâ from âAA-â.
A bond rating for a town is like a credit rating for a person. The Standard & Poorâs Rating Services bond rating system uses an alphabetical scale from AAA - indicating an extremely strong capacity to meet financial commitments - down to D, marking an obligation that is in default.
For full story, see Friday's print edition of The Times.