S&P Global Ratings assigned its 'AAA' rating to the City of Watertown , Mass.' $56.83 million series 2025 general obligation (GO) municipal-purpose loan bonds. At the same time, we affirmed our 'AAA' rating on Watertown's existing debt. The outlook is stable. The rating reflects the application of our ? Methodology For Rating U.S. Governments ,? published Sept. 9, 2024. The city's full-faith-and-credit GO pledge secures the school bonds and existing GO debt, subject to Proposition 2 1/2 limitations. We rate the limited-tax GO debt on par with our view of Watertown's general creditworthiness because the ad valorem tax is not derived from a measurably narrower property tax base and there are no limitations on the fungibility of resources, supporting our
