Summary: City Of Watertown, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating on the City of Watertown, Mass.' $86.575 million series 2023 general obligation (GO) municipal-purpose loan bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on Watertown's existing debt. The outlook is stable. 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 view of the city's overall ability and willingness to pay debt service. Officials plan to use the

...Most recent Historical information 2021 2020 2019 Very strong economy Projected per capita EBI % of U.S. 192 Market value per capita ($) 310,946 Population 35,218 35,554 35,264 County unemployment rate(%) 4.6 Market value ($000) 10,950,886 9,398,370 Ten largest taxpayers % of taxable value 13.8 Strong budgetary performance Operating fund result % of expenditures 9.4 5.0 1.7 Total governmental fund result % of expenditures 8.7 6.1 5.4 Very strong budgetary flexibility Available reserves % of operating expenditures 34.5 26.8 22.1 Total available reserves ($000) 52,787 38,375 31,272 Very strong liquidity Total government cash % of governmental fund expenditures 43 36 35 Total government cash % of governmental fund debt service 966 794 824 Strong management Financial Management Assessment Good Adequate debt & long-term liabilities Debt service % of governmental fund expenditures 4.4 4.5 4.2 Net direct debt % of governmental fund revenue 133 Overall net debt % of market value 2.2 Direct debt...

Summary