Summary: Hopkinton, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Hopkinton, Mass.' series 2017 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. We note the town has voted to exempt debt service on the department of public works building, school, well blending, and fire station roof bonds from the limitations of Proposition 2 1/2. Officials

...S&P Global Ratings assigned its '###' rating and stable outlook to Hopkinton, Mass.' series 2017 general obligation (GO) municipal-purpose loan bonds and affirmed its '###' 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. We note the town has voted to exempt debt service on the department of public works building, school, well blending, and fire station roof bonds from the limitations of Proposition 2 1/2. Officials plan to use series 2017 bond proceeds to construct a new department of public works building and a new school and fund other capital improvements. Hopkinton's GO bonds are eligible for a rating above the sovereign because we believe the town can maintain...

Summary