S&P Global Ratings assigned its 'AAA' rating and stable outlook to Hopkinton, Mass.' series 2016 general obligation (GO) municipal-purpose loan bonds and affirmed its 'AAA' rating, with a stable outlook, on the town's existing GO debt. Hopkinton's full-faith-and-credit-GO pledge secures the bonds. While we understand voters have chosen to exclude a portion of these bonds from the primary levy limit of Proposition 2 1/2, we still view the town's pledge as limited due to the levy ceiling, which caps levy increases at 2.5% of total taxable property. Officials plan to use series 2016 bond proceeds to finance bond anticipation notes outstanding permanently and fund various capital improvement projects. Hopkinton's GO bonds are eligible for a rating above the sovereign because
