S&P Global Ratings assigned its 'AAA' long-term rating to Needham, Mass.' series 2017 general obligation (GO) municipal purpose loan bonds and affirmed its 'AAA' long-term rating on the town's existing GO debt. The outlook is stable. Needham's GO bonds are eligible to be rated above the sovereign because we believe the town can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings—Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect), local governments are considered to have moderate sensitivity to country risk. The town's GO pledge is the primary source of security on the debt; this severely limits the possibility of negative sovereign intervention in the payment
