...S&P Global Ratings assigned its '##+' long-term rating to Franklin, Mass.' series 2018 municipal-purpose general obligation (GO) bonds. At the same time, we affirmed our '##+' long-term rating on the town's existing GO debt. The outlook is stable. S&P Global Ratings also assigned its 'SP-1+' short-term rating to the town's series 2018 GO bond anticipation notes (BANs), payable on May 17, 2019. Franklin's full-faith-and-credit GO pledge, subject to Proposition 2-1/2 limitations, secures the bonds and notes. We rate the limited-tax GO debt on par with our view of the town's general creditworthiness, which reflects Franklin's revenue-raising flexibility and ability to pay debt service. The short-term rating reflects our view of the town's very strong capacity to pay principal and interest when the BANs come due. The town maintains a low market risk profile with strong legal authority to issue long-term debt to take out the BANs, and it is a frequent issuer that regularly provides ongoing disclosure...
