Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating, and stable outlook, to Needham, Mass.' series 2011 general obligation (GO) municipal-purpose loan bond and affirmed its 'AAA' long-term rating, with a stable outlook, on the town's existing GO parity debt. The long-term rating reflects our opinion of the town's: Affluent and stable property tax base with high income and property wealth, Sound and consistent financial position, and Low debt burden with rapid amortization. Needham's full faith pledge secures the bonds. Officials plan to use bond proceeds for various municipal purposes. It is important to note that the town has voted the debt service of the Newman School project to be exempt from the limitations of Proposition 2 1/2.
