...S&P Global Ratings assigned its '##' rating on the Northbridge, Mass.' series 2019 general obligation (GO) school bonds. At the same time, S&P Global Ratings affirmed its '##' rating on the town's existing GO debt. The outlook is stable. The rating reflects our view of the town's strong and stable local economy supported by its access to the Worcester metropolitan statistical area (MSA) and strong reserve levels supported by consistent positive financial operations prior to fiscal 2018 and management policies and practices that we consider good. Although we believe its additional debt plans could weaken its debt metrics, we expect the town will manage its increasing fixed costs as well as its retirement liabilities. Northbridge's full-faith-and-credit pledge, subject to the limitations of Proposition 2-1/2, secures the bonds and existing GO debt. The town voted to exclude borrowing for the school project from the limitations of Proposition 2-1/2. Despite limitations imposed by the commonwealth's...
