Summary: Groton Town, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Groton Town, Mass.' roughly $20 million series 2022 general obligation (GO) school bonds and affirmed its 'AAA' rating, with a stable outlook, on the town's existing GO debt. The town's full-faith-and-credit pledge secures the school bonds. The town voted to exempt the series 2022 bonds from Proposition 2 1/2 limitations. The town's full-faith-and-credit pledge also secures existing debt; depending on the project, the debt could be subject to Proposition 2 1/2 limitations. We have not made a rating distinction between the town's limited-tax GO pledge and 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

...S&P Global Ratings assigned its '###' rating and stable outlook to Groton Town, Mass.' roughly $20 million series 2022 general obligation (GO) school bonds and affirmed its '###' rating, with a stable outlook, on the town's existing GO debt. The town's full-faith-and-credit pledge secures the school bonds. The town voted to exempt the series 2022 bonds from Proposition 2 1/2 limitations. The town's full-faith-and-credit pledge also secures existing debt; depending on the project, the debt could be subject to Proposition 2 1/2 limitations. We have not made a rating distinction between the town's limited-tax GO pledge and 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 are already embedded in our analysis of its financial and economic conditions. We understand officials intend to use series 2022 bond proceeds to continue...

Summary