Summary: Grafton, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Grafton, Mass.' $4.215 million GO bond anticipation notes (BANs), maturing April 12, 2023. We also affirmed our 'AA+' long-term rating on the town's existing GO bonds. The outlook, where applicable, is stable. Grafton's full-faith-and-credit pledge, subject to the limitations of Proposition 2-1/2, secures the bonds and notes. The short-term note 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

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Grafton, Mass.' $4.215 million GO bond anticipation notes (BANs), maturing April 12, 2023. We also affirmed our '##+' long-term rating on the town's existing GO bonds. The outlook, where applicable, is stable. Grafton's full-faith-and-credit pledge, subject to the limitations of Proposition 2-1/2, secures the bonds and notes. The short-term note 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. Proceeds from the notes will finance a library expansion project....

Summary