...S&P Global Ratings assigned its '###' rating to Needham, Mass.' series 2022 general obligation (GO) municipal purposes loan. At the same time, we affirmed our '###' long-term rating on the town's existing GO debt. The outlook is stable. We understand proceeds from this issue will be used to finance the construction of a public safety building, which is exempt from the limits of Proposition 2 1/2, and to a lesser extent, sewer main replacements. At the same time, the town intends to issue $2.76 million of bond anticipation notes (BANs), which we have not been asked to rate. The town's full-faith-and-credit pledge secures the bonds, subject to Proposition 2 1/2 limitations; thus, we view this debt as a limited-tax obligation. Despite limitations imposed by the commonwealth's levy-limit law on municipal bonds, we do not make a rating distinction between the limited-tax GO pledge and Needham's general creditworthiness, as we have already embedded the tax limitation imposed on the town's ability...
