...S&P Global Ratings assigned its '###' long-term rating to the town of Hopkinton, Mass.' series 2020 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the town's GO debt outstanding. The outlook is stable. The series 2020 GO bonds are secured by Hopkinton's full-faith-and-credit pledge. The bonds are payable from unlimited-ad valorem tax revenues, that are not subject to Proposition 2 + limitations. Proceeds of the 2020 GO bonds will finance school capital projects. Hopkinton's existing debt that is secured by its full-faith-and-credit pledge, and is subject to Proposition 2 1/2 limitations, is rated on par with our view of the town's general creditworthiness. Despite limitations imposed by the commonwealth's levy-limit law, we do not make a rating distinction between the limited- and unlimited-tax GO pledges because the ad valorem tax is not derived from a measurably narrower property tax base and there are no fungibility of resources limitations,...
