S&P Global Ratings assigned its 'AAA' long-term rating to Groton, Mass.' series 2020 general obligation (GO) municipal-purpose loan bonds. At the same time, we affirmed our 'AAA' rating on the town's outstanding GO debt. The outlook is stable. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the series 2018 GO bonds. While the town voted to exempt a portion of the 2020 bonds from Proposition 2-1/2 levy limitations, we have not made a rating distinction between the town's limited-tax GO pledge and its general creditworthiness. Despite limitations imposed by the commonwealth levy limit law on a portion of the bonds, the tax limitation imposed on the town's ability to raise revenue and the fungibility of those resources
