S&P Global Ratings assigned its'SP-1+'short-term rating to Manchester-by-the-Sea , Massachusetts'anticipated $15.186 million series 2026 general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its'AAA'long-term rating on the town's outstanding GO debt. The outlook, where applicable, is stable. The town's full faith and credit pledge, subject to the limitations of Proposition 2-1/2, secures the 2026 notes and debt outstanding. Despite commonwealth levy limit laws, we do not make a rating distinction between Manchester-by-the-Sea's limited-tax debt and its general creditworthiness because our analysis of the town's financial and economic conditions already includes the statutory limitation imposed on its revenue-raising ability. The short-term rating reflects our criteria for evaluating and rating BANs.
