S&P Global Ratings assigned its 'AA' program rating and negative outlook and 'AA-' underlying rating and stable outlook to Methuen, Mass.' series 2016A general obligation (GO) state-qualified recreational facility bonds and series 2016B GO state-qualified municipal purpose loan bonds. We also assigned our 'SP-1+' short-term rating to the city's 2016 bond anticipation notes (BANs). The city's full faith and credit pledge secures the bonds and BANs. Despite limitations imposed by the commonwealth levy limit law, we did not make a rating distinction for the limited-tax GO pledge due to the city's flexibility under the levy limit. In addition, we understand the city approved the municipal purpose loan bonds series B to be exempt from Proposition 2 1/2 limitations. Officials will
