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S&P downgrades the USA but Marblehead keeps its rating AAA

August 7, 2011

The Board of Selectmen can be happy with the fact that Marblehead’s credit is better than the full faith and credit of the United States of America. S&P kept the old Town at AAA. Only two of  Massachusetts’ 350 towns and cities have the rating. This was the first step1 on the way to borrowing a total of $43 million for cleaning up the dump and building a new elementary school.

Let’s hope that these projects go at least a little better than that Village School project with controversial firings, angry letters in the Reporter and recriminations between the people and the school committee, the superintendent and the school committee, and the state and school committee. There is a pattern there.

  1. as reported in the Lynn Item, 8/1/11, p. A6 []

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