Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating to Needham, Mass.' series 2012 general obligation (GO) bonds and affirmed its 'AAA' long-term rating on the town's existing GO debt. The outlook is stable. Standard&Poor's has also assigned its 'SP-1+' short-term rating to the town's GO bond anticipation notes (BANs). The BANs are payable July 2, 2013. The short-term rating on the BANs reflects a low market risk profile score based on our revised criteria. Needham has strong legal authority pursuant to state laws to refund the BANs with long-term debt, and the town is a frequent market participant providing ongoing disclosure. The long-term rating reflects our opinion of the town's: Affluent and stable property tax
