Town of Brewster, Massachusetts
Section I - Financial Summary: Debt Overview
As of October 2021, S&P Global Ratings assigned its AAA rating to Brewster's $20 million general obligation (GO) land acquisition bonds and affirmed its 'AAA' rating on the town's existing GO debt. The rating noted that the outlook is stable. In addition, S&P Global also assigned their 'SP-1+' short-term rating to $4 million of GO bond anticipation notes (BANs) maturing November 10, 2022.
The Town of Brewster used bond and note proceeds for the acquisition of the former Cape Cod Sea Camps properties for conservation, coastal dunes, wetlands, and other community uses. Brewster's full-faith-and-credit pledge, subject to the limitations of Proposition 2-1/2, secures the bonds and notes outstanding. These bonds are voter exempt from the limitations of the tax levy. Voters within our community overwhelmingly approved a debt exclusion on the land acquisition of Cape Cod Sea Camps, so S&P Global views this bond issuance as an equivalent unlimited-tax GO bond.
The rating also noted Brewster's strong economy and consistently balanced financial results, which have led the Town to maintain a very strong reserve position over the past several years and through various business and economic cycles.