...S&P Global Ratings assigned its 'SP-1+' short-term rating to Franklin Town, Mass.' series 2017 A and B general obligation (GO) bond anticipation notes (BANs), payable on Oct. 19, 2017 and May 18, 2018. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the town's existing GO debt. The outlook is stable. 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 to market participants. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the bonds and notes. 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. Officials plan to use series 2017...
