Summary: Needham, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Needham, Mass.' series 2018 general obligation (GO) bond anticipation notes (BANs). At the same time, we affirmed our 'AAA' long-term rating on the town's outstanding GO debt. The outlook, on the long-term GO is stable. The short-term rating reflects our view of Needham's very strong capacity to pay principal and interest when the BANs come due. The town maintains a low market-risk profile with strong legal authority to issue long-term debt to take out the BANs, and it is a frequent debt issuer that regularly provides ongoing disclosure to market participants. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the BANs and bonds outstanding. We rate the limited-tax

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Needham, Mass.' series 2018 general obligation (GO) bond anticipation notes (BANs). At the same time, we affirmed our '###' long-term rating on the town's outstanding GO debt. The outlook, on the long-term GO is stable. The short-term rating reflects our view of Needham's very strong capacity to pay principal and interest when the BANs come due. The town maintains a low market-risk profile with strong legal authority to issue long-term debt to take out the BANs, and it is a frequent debt issuer that regularly provides ongoing disclosure to market participants. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the BANs and bonds outstanding. We rate the limited-tax GO debt on par with our view of the town's general creditworthiness, given that we factor Needham's revenue-raising flexibility and ability to pay debt service into our view of the town's general creditworthiness. Officials...

Summary