...S&P Global Ratings assigned its '##+' long-term rating to Grafton, Mass.' series 2019 general obligation (GO) municipal-purpose loan bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the town's existing GO debt. The outlook is stable. At the same time, we assigned our 'SP-1+' short-term rating to Grafton's GO bond anticipation notes (BANs). The short-term rating reflects our criteria for evaluating and rating BANs. In our view, Grafton maintains a very strong capacity to pay principal and interest when the notes come due. The town has what we view as a low market risk profile, because it has strong legal authority to issue long-term debt to take out the notes, and is a frequent issuer that regularly provides ongoing disclosure to market participants. Grafton's full-faith-and-credit pledge, subject to the limitations of Proposition 2-1/2, secures the bonds and BANs. We rate the limited-tax GO debt based on the application of our "Issue Credit Ratings Linked To U.S....
