...May 13, 2022 BOSTON (S&P Global Ratings) May 13, 2022--S&P Global Ratings raised its long-term rating to '###' from '##+' on the Town of Franklin, Mass.' general obligation (GO) debt outstanding, due to the town's strong financial performance and an improved reserve position that will likely be sustained despite ongoing economic uncertainties. At the same time, we assigned our '###' long-term rating to the town's $4.8 million series 2022 GO municipal-purpose loan bonds. The outlook is stable. "Franklin has had four consecutive operating surpluses, increasing reserves to very strong levels," said S&P Global Ratings credit analyst Victor Medeiros. Management made prudent budgetary modifications amid the pandemic, positioning the town well heading into fiscal year 2023. The town's reserves are at their strongest level ever, and management is projecting ongoing maintenance at these levels, even as it continues to work through its capital improvement plan. The town maintains good financial policies,...
