...S&P Global Ratings assigned its 'SP-1+' short-term rating to Fitchburg, Mass.' series 2018 general obligation (GO) bond anticipation notes (BANs). In addition, we affirmed our '##' long-term rating and 'A+' issuer credit rating (ICR) on the city's outstanding GO debt. The outlook is stable. The short-term rating on the notes reflects our criteria for evaluating and rating BANs. In our view, Fitchburg maintains a very strong capacity to pay principal and interest when the notes come due. We view the city's market risk profile as low because the city has strong legal authority to issue long-term debt to take out the notes and is a frequent debt issuer that regularly provides ongoing disclosure to market participants. We understand officials intend to use proceeds from the notes to temporarily finance various citywide capital projects, including updates to utility system infrastructure, airport and municipal parking garage improvements, and school building repairs. The long-term rating reflects...
