Standard&Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Franklin, Mass.' series 2009 general obligation (GO) bonds and affirmed its 'AA' underlying rating (SPUR), with a stable outlook, on the town's existing parity debt. In our opinion, the ratings reflect the town's: Advantageous location along the high-tech Interstate 495 Corridor with access to Boston by commuter rail, as well as to other regional employment centers; Very strong household income factors and below-average unemployment; Good financial position despite substantial declines in available reserves; and Low debt burden with a rapid amortization schedule and limited additional capital needs. In our opinion, the loss of operating flexibility attributed to the town's significant stabilization fund drawdown over the
