The upgrade to 'AA' from 'AA-' on Franklin, Mass.' GO bonds reflects a tax base that has grown 58% over the past five years and healthy reserves bolstered by a $6 million court settlement. Other credit factors that support the rating include: Strong financial performance, with more than 20% of 2001 operating expenses undesignated or set aside in a stabilization fund; Above-average income levels, as indicated by median household effective buying income that is 160% of the national level; A manageable debt position; and An advantageous location along the high-technology Interstate 495 corridor with accessibility by commuter rail to Boston. The bonds are secured by the town's full faith and credit pledge. Franklin is located about 28 miles southwest of
