Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Grafton, Mass.' series 2015 general obligation (GO) municipal purpose loan bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating on the town's existing GO debt. The outlook is stable. A pledge of the town's full faith credit secures the bonds. The rating reflects our assessment of the following factors for the town, specifically its: Very strong economy, which benefits from participation in the Worcester metropolitan statistical area (MSA); Very strong budgetary flexibility with 2014 audited available reserves in excess of 15% of general fund expenditures; Strong budgetary performance evidenced in 2014, and expected to continue over the next few years, led by recently approved operating
