...Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Hopkinton, Mass.' general obligation (GO) bond anticipation notes (BANs), reflecting the town's very strong capacity to pay principal and interest when the notes come due. The town maintains a low market risk profile with strong legal authority to issue long-term debt to take out the notes, and is a frequent issuer that regularly provides ongoing disclosure to market participants. At the same time, Standard & Poor's affirmed its '###' long-term rating on the town's previously issued debt. The outlook is stable. Hopkinton's full faith and credit GO pledge secures the BANs and outstanding bonds. While we understand that voters have chosen to exclude these BANs from the primary levy limit of Proposition 2 +; we still view the town's pledge as limited in nature, due to the levy ceiling, which caps levy increases at 2.5% of total taxable property. Officials plan to use BAN proceeds to pay for land acquisition and improvements...
