S&P Global Ratings assigned its 'AA+' long-term rating to Grafton, Mass.' series 2017 general obligation (GO) refunding bonds. At the same time, we affirmed our 'AA+' long-term rating on the town's existing GO debt. The outlook is stable. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the bonds. 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. Proceeds from the bonds will be used to refund a portion of the town's series 2009 and 2010 bonds for interest savings. The rating reflects our view of Grafton's Very strong economy, with access to a broad and diverse
