S&P Global Ratings assigned its ?SP-1+? short-term rating to Southbridge , Mass.? $9.127 million series 2025 general obligation (GO) bond anticipation notes (BANs). At the same time, we affirmed our ?AA-? rating on the town?s existing long-term GO debt. The outlook, where applicable, is stable. Southbridge?s full-faith-and-credit pledge, subject to Proposition 2-1/2 limitations, secures the notes and its outstanding rated debt. A portion of the notes is excluded from the limitations. We rate the limited-tax GO debt on par with our view of Southbridge?s general creditworthiness because the ad valorem tax is not derived from a measurably narrower property tax base and there are no limitations on resource fungibility. The short-term rating reflects our opinion of Southbridge?s general creditworthiness and
