CHICAGO (S&P Global Ratings) July 29, 2021--S&P Global Ratings raised its long-term rating on the Town of Northbridge, Mass.' general obligation (GO) bonds to 'AA+' from 'AA'. The outlook on the bonds is stable. S&P Global Ratings also assigned its 'AA+' rating to the town's $7.5 million series 2021 GO school bonds. The outlook is stable. "The upgrade reflects the town's improved financial performance with fund balance rising to 18.9% in fiscal 2020, with a history of surplus performance, and stable debt metrics despite material additional debt plans," said S&P Global Ratings credit analyst Makai Edwards. Northbridge's full-faith-and-credit pledge, subject to the limitations of Proposition 2 1/2, secures the bonds and existing GO debt. The town voted to exclude borrowing
