Summary: Newington, Connecticut; General Obligation; Note

S&P Global Ratings assigned its 'AA+' long-term rating to the town of Newington, Conn.'s issue of 2019 general obligation (GO) bonds and affirmed its 'AA+' long-term rating on the town's outstanding GO debt. The outlook is stable. At the same time, we assigned our 'SP-1+' short-term rating to the town's $6 million GO bond anticipation notes (BANs) and affirmed our 'SP-1+' short-term rating on its existing notes. The short-term note rating reflects our criteria for evaluating and rating BANs. In our view, Newington maintains a very strong capacity to pay principal and interest when the notes come due. The town has what we view as a low market risk profile because it has strong legal authority to issue long-term debt

...S&P Global Ratings assigned its '##+' long-term rating to the town of Newington, Conn.'s issue of 2019 general obligation (GO) bonds and affirmed its '##+' long-term rating on the town's outstanding GO debt. The outlook is stable. At the same time, we assigned our 'SP-1+' short-term rating to the town's $6 million GO bond anticipation notes (BANs) and affirmed our 'SP-1+' short-term rating on its existing notes. The short-term note rating reflects our criteria for evaluating and rating BANs. In our view, Newington maintains a very strong capacity to pay principal and interest when the notes come due. The town has what we view as a low market risk profile because it has strong legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants. The town's full-faith-and-credit pledge secures the bonds. Proceeds of the long-term bonds and BANs are to provide funds toward construction of a town hall project....

Summary