S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'AA-' underlying rating (SPUR) to Methuen, Mass.' roughly $14.545 million series 2024 general obligation (GO) commonwealth-qualified municipal-purpose loan of 2024 bonds. At the same time, S&P Global Ratings affirmed its 'AA-' SPUR on the city's existing GO debt. The outlook on the enhanced rating is stable. The outlook on the SPUR remains positive. The city's full-faith-and-credit pledge, subject to the limits of Proposition 2 1/2, secures the series 2024 bonds and existing debt. We rate the limited-tax GO debt at the same level as our view of the city's general creditworthiness. We think Methuen has a sufficient fungibility of resources required to pay debt service under the Proposition 2 1/2
