Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Needham, Mass.' series 2013 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 also assigned its 'SP-1+' short-term rating to the town's series 2013 A and B GO bond anticipation notes (BANs). The BANs are payable December 2, 2013. The short-term rating on the BANs reflects a low market risk profile score based on our criteria. Needham maintains a high investment grade rating and has strong legal authority pursuant to state laws to refund the BANs with long-term debt. The town is also a frequent market participant, providing ongoing disclosure. The AAA long-term rating reflects
