S&P Global Ratings assigned its 'SP-1+' short-term rating to Northbridge , Mass.' $10.75 series 2025 general obligation (GO) bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its 'AA+' rating on the town's existing GO debt and its 'SP-1+' rating on the town's existing BANs. The outlook, where applicable, is stable. We base the ratings on the application our methodology for rating U.S. governments , published Sept. 9, 2024, on RatingsDirect. Northbridge's full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the bonds. Despite limitations imposed by the commonwealth's levy-limit law, we do not make a rating distinction between the town's general creditworthiness and limited-tax GO debt because we include the limitation on Northbridge's ability to raise
