By PBN Staff
NEW YORK – Lincoln has landed an “outlook stable” grade from Fitch Ratings.
The global rating agency assigned an “AA” rating to $28.95 million in general-obligation bonds from 2006 and $2.49 million in general-obligation bonds from 2003.
The Fitch report called Lincoln an “affluent, suburban community” and said strong economic indicators fueled the stable rating.
“The wealth levels of town residents have historically exceeded state and national levels,” said the report.
The rating agency also pointed towards six-year, tax-stabilization agreements between the town and its two largest taxpayers, Amica Mutual Insurance and Twin River Casino.
Lincoln’s tax-collection rates remain high, according to the report, exceeding 98.5 percent historically.
Fitch said the town’s finances remain sound. In 2011, Lincoln generated a $1.2 million general-fund operating surplus after transfers.
Town officials have indicated that the fiscal 2012 results are tracking in line with the budget and that building-permit revenue has exceeded estimates.