An aromatic polyester that contains one or more aromatic ester repeating units and one or more biphenyl repeating units is provided. While a wide variety of aromatic ester repeating units may be employed, the polymer is nevertheless “low naphthenic” to the extent that it contains a minimal content of repeating units derived from naphthenic hydroxycarboxylic acids and naphthenic dicarboxylic acids. Despite the absence of a high level of conventional naphthenic acid repeating units, the present inventors have discovered that selective control over the type and relative concentration of the biphenyl repeating units can lead to “low naphthenic” polymers that are not only soluble in certain solvents, but also capable of exhibiting good mechanical properties. Thus, the ability of the resulting polymer to be dissolved or dispersed in various solvents can be enhanced without sacrificing performance.