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HARVARD — Interest rates have gone up over the past year, but the town could see that trend reverse slightly through a bond rating upgrade.

A review by the firm Standard and Poor’s resulted in the town’s bond rating improving from AA-minus to AA, said town administrator Paul Cohen. Bonding ratings are graded from A to AAA, he said.

As a result, Harvard could save one- or two-tenths of a percent on its interest rate the next time it borrows money.

“It’s a good indicator the town is in good economic health,” said Cohen.

Among the factors cited in the Standard and Poor’s report was the town’s tax base and the majority of local capital projects being completed. Also listed were high income levels and property values, and a relatively low debt burden for the town.

“The stable outlook reflects the wealthy residential nature of the tax base, which is expected to continue to provide a stable source of property tax revenues, the town’s primary revenue source,” reads the report. “In addition, the lack of capital needs should result in the continence of a moderate debt position.”

With Bromfield School renovations, a recently-built public safety building and the new library already bonded, Cohen confirmed the town does not have many pressing items that need borrowing.

While the Board of Selectmen are expected to borrow $1.25 million shortly, Cohen said that project was likely too small to show significant savings from the bond upgrade.

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