...The 'AA+' rating reflects Bristol's 'aaa' level of financial resilience and expectations that the city will maintain unrestricted general fund reserves above 10% of spending given a high-midrange level of budgetary flexibility. Educational attainment, unemployment, and income levels are moderate relative to Fitch's local government rating portfolio, and the population growth trend has been up modestly over the past decade. Long-term liability metrics associated with debt and net pension liabilities (NPLs) are low relative to Fitch-rated local governments. The 'F1+' short-term rating for the BANs corresponds to the city's 'AA+' IDR and reflects the unlimited tax pledge for note repayment....
