Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Needham, Mass.' series 2009 general obligation (GO) municipal-purpose loan bonds, dated Dec. 15, 2009, and assigned its 'SP-1+' short-term rating to the town's GO bond anticipation notes (BANs), which the town is issuing concurrently. Standard&Poor's also affirmed its 'AAA' long-term rating, with a stable outlook, on the town's existing GO parity debt. The 'SP-1+' reflects Needham's underlying credit quality and demonstrated access to credit markets as evidenced by previous note sales. In our opinion, the long-term rating reflects the town's: Affluent and growing property tax base with high income and property wealth, Sound and consistent financial position, and Low debt burden with rapid amortization.
