The 'AA' rating on Franklin, Mass.' GO bonds and the 'SP-1+' rating on its BANs reflect the town's: Above-average wealth and income levels; Advantageous location along the Interstate 495 high-tech corridor with access to Boston, Mass. by commuter rail and other regional employment centers; Satisfactory financial position, though reserves are narrowing; and Moderate and manageable debt profile. The town's planned use of reserves for operations offsets these credit strengths. Although reserve levels currently remain satisfactory, the narrowing of reserves in fiscals 2005 and 2006 has weakened the town's historically strong financial position. The town's full faith and credit pledge secures the bonds and notes. Officials will use the long-term bond proceeds for water system improvements and the short-term notes to
