Major Credit Evaluator Boosts Portland's Bond Rating

PORTLAND, Maine - Officials say Portland is gaining financial agility after a major credit evaluator increased the quality rating of its bonds.
 
The Portland Press Herald reports that Standard & Poor's Global Ratings elevated the rating of the city's general obligation debt from "AA'' to "AA+,'' the same level as federal government bonds.
 
Moody's Investor Services also affirmed the city's Aa1 rating.
 
Officials say the city is one step away from the highest possible rating for each agency.
 
Credit ratings affect the way municipalities borrow money through issuing bonds. Investors want to know the interest will be paid and the risk of defaulting is low.