...S&P Global Ratings raised its underlying rating to '##-' from 'A+' on Methuen, Mass.' general obligation (GO) debt outstanding. At the same time, we assigned our '##' long-term and '##-' underlying ratings to the city's approximately $9.8 million 2022 GO state-qualified municipal-purpose loan bonds. The outlook on all ratings is stable. The rating change reflects our view of an improved financial profile due to better financial management conditions and stability in the city's collective bargaining agreements. We expect that the chief administrative and financial officer (CAFO) position implemented in accordance with home-rule legislation that allowed the city to issue deficit financing notes in December 2020 will result in continued improvement in budgetary controls and that the fiscal 2021 and projected 2022 surpluses are a result of the improved financial management environment. The GO debt is secured by the city's full-faith-and-credit pledge, subject to the limits of Proposition 2-1/2....
