Summary: Manchester-By-The-Sea, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Manchester-By-The-Sea, Mass.' series 2018 general obligation (GO) municipal-purpose loan bonds and affirmed its 'AAA' rating, with a stable outlook, on the town's existing GO debt. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings—Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, we rate the town higher than the sovereign because we believe it can maintain better credit characteristics than the nation in a stress scenario based on its predominantly, locally derived revenue base and our view that pledged revenue supporting bond debt service is at limited risk of negative sovereign intervention. In 2017, local property taxes generated 89% of revenue, which demonstrated a lack of

...S&P Global Ratings assigned its '###' rating and stable outlook to Manchester-By-The-Sea, Mass.' series 2018 general obligation (GO) municipal-purpose loan bonds and affirmed its '###' rating, with a stable outlook, on the town's existing GO debt. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, we rate the town higher than the sovereign because we believe it can maintain better credit characteristics than the nation in a stress scenario based on its predominantly, locally derived revenue base and our view that pledged revenue supporting bond debt service is at limited risk of negative sovereign intervention. In 2017, local property taxes generated 89% of revenue, which demonstrated a lack of dependence on central government revenue. Officials plan to use series 2018 bond proceeds to fund water and sewer improvements. The town's full-faith-and-credit pledge, subject to Proposition...

Summary