...S&P Global Ratings assigned its '##+' long-term rating to Franklin, Mass.' general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the town's existing GO debt. The outlook is stable. Officials plan to use bond proceeds to refinance the town's 2009 GO municipal purpose loan. The town's full faith and credit pledge, subject to limitations of Proposition 2 1/2, secures the bonds. Despite limitations imposed by the commonwealth levy limit law, we did not make a rating distinction for the limited-tax GO pledge due to the town's flexibility under the levy limit. The long-term rating reflects what we view as the town's: + Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA); + Strong management, with "good" financial policies and practices under our Financial Management Assessment methodology; + Strong budgetary performance, with a slight operating deficit in the general fund but break-even results...
