S&P Global Ratings assigned its ?SP-1+? short-term rating to the City of North Adams , Mass.' $13.6 million series 2026 bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its 'A' underlying rating on the city's existing state qualified general obligation (GO) bonds. The outlook, where applicable, is stable. North Adams' full-faith-and-credit pledge secures the bonds, subject to Proposition 2 1/2 limitations. We have not made a rating distinction between the limited-tax pledge and the general creditworthiness because the ad valorem tax pledge securing the limited-tax obligation is not derived from a measurably narrower property tax base and its financial resources are flexible. The short-term rating on the notes reflects our criteria for evaluating and rating BANs.
