...BOSTON (S&P Global Ratings) Sept. 13, 2018--S&P Global Ratings has lowered its long-term rating two notches to 'A' from '##-' on Methuen, Mass.' general obligation (GO) debt outstanding. At the same time, S&P Global Ratings assigned its 'SP-1+' short-term rating to the city's 2018 state-qualitied GO bond anticipation notes (BANs). The short-term rating reflects our rating on the state's qualified bond program. The outlook, where applicable, is stable. "The downgrade reflects two years of general fund deficits reported by the city, due to unbudgeted expenditures in the school department, and a revision of our view of the city's financial management environment to weak from adequate," said S&P Global Ratings credit analyst Christian Richards. We believe the city lacks the financial management tools to ensure consistent financial operations that result in sustained reserves and cash on hand. In May 2018, we raised our long-term rating on various bonds issued under the state's qualified bond...
