...S&P Global Ratings assigned its '##+' long-term rating, and stable outlook, to Franklin, Mass.' $7.7 million series 2021 municipal-purpose general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+', and stable outlook, on the town's GO debt outstanding. Franklin's full-faith-and-credit GO pledge, subject to Proposition 2 1/2 limitations, secures the series 2021 bonds. Despite limitations imposed by the commonwealth's levy limit law, we do not make a rating distinction between the limited- and unlimited-tax GO pledges due to the town's operating flexibility under the levy limit. We rate the limited-tax GO debt on par with our view of Franklin's general creditworthiness, because the ad valorem tax is not derived from a measurably narrower property tax base and there are no fungibility resource limitations, supporting our view of the town's overall ability and willingness to pay debt service. Proceeds from the current series 2021 issuance will be used for a range...
