Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile - S&P Global Ratings’ Credit Research

Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile

Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile - S&P Global Ratings’ Credit Research
Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile
Published May 12, 2022
3 pages (1522 words) — Published May 12, 2022
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Abstract:

WASHINGTON D.C. (S&P Global Ratings) May 12, 2022--S&P Global Ratings raised its underlying rating to 'AA-' from 'A+' on Methuen, Mass.' general obligation (GO) debt outstanding. At the same time, we assigned our 'AA' long-term and 'AA-' underlying ratings to the city's approximately $9.8 million 2022 GO state-qualified municipal-purpose loan bonds. The outlook on all ratings is stable. "The rating change reflects our view of an improved financial profile due to better financial management conditions and stability in the city's collective bargaining agreements. We expect that the chief administrative and financial officer (CAFO) position implemented in accordance with home-rule legislation that allowed the city to issue deficit financing notes in December 2020 will result in continued improvement in budgetary controls

  
Brief Excerpt:

...May 12, 2022 WASHINGTON D.C. (S&P Global Ratings) May 12, 2022--S&P Global Ratings raised its underlying rating to '##-' from 'A+' on Methuen, Mass.' general obligation (GO) debt outstanding. At the same time, we assigned our '##' long-term and '##-' underlying ratings to the city's approximately $9.8 million 2022 GO state-qualified municipal-purpose loan bonds. The outlook on all ratings is stable. "The rating change reflects our view of an improved financial profile due to better financial management conditions and stability in the city's collective bargaining agreements. We expect that the chief administrative and financial officer (CAFO) position implemented in accordance with home-rule legislation that allowed the city to issue deficit financing notes in December 2020 will result in continued improvement in budgetary controls and that the fiscal 2021 and projected 2022 surpluses are a result of the improved financial management environment," said S&P Global Ratings credit analyst Victor...

  
Report Type:

Ratings Action

Issuer
Methuen
Sector
Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile" May 12, 2022. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Methuen-MA-GO-Debt-Rating-Raised-To-AA-On-Improved-Financial-Profile-2837979>
  
APA:
S&P Global Ratings’ Credit Research. (). Methuen, MA GO Debt Rating Raised To 'AA-' On Improved Financial Profile May 12, 2022. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Methuen-MA-GO-Debt-Rating-Raised-To-AA-On-Improved-Financial-Profile-2837979>
  
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