Danvers Electric Receives A+ Credit Rating

Standard and Poor's confirmed the existing A+ rating for earlier this month, noting the department's strong reserves, excellent liquidity, and competitive electric rates.

According to Town Manager Wayne Marquis, this is only the third time the electric division has gone through a credit rating process. "It's a pretty new requirement," he said.

The process, Marquis said, measures the credit worthiness of the department as a self supporting utility. Because Danvers Electric buys power from different producers which they then distribute to different customers, it is required to know the credit level of the department.

The department, which had previously received an A+ rating, confirmed their credit score after a conference call with Standard and Poor's earlier this month.

Danvers is one of 41 in the Commonwealth who operate their own municipal electric division.