Summary: Pembroke, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AA' rating to Pembroke, Mass.' 2020 general obligation (GO) municipal-purpose loan bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the town's GO debt outstanding. The outlook on all ratings is stable. The town's full faith and credit pledge, subject to Proposition 2-1/2 limitations, secures the bonds and outstanding GO debt. We rate the limited-tax GO debt based on the application of our criteria "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Nov. 20, 2019, on RatingsDirect). Despite limitations imposed by the commonwealth's levy limit law, we did not make a rating distinction between the limited- and unlimited-tax GO pledges due to the town's operating flexibility under

...S&P Global Ratings assigned its '##' rating to Pembroke, Mass.' 2020 general obligation (GO) municipal-purpose loan bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the town's GO debt outstanding. The outlook on all ratings is stable. The town's full faith and credit pledge, subject to Proposition 2-1/2 limitations, secures the bonds and outstanding GO debt. We rate the limited-tax GO debt based on the application of our criteria "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Nov. 20, 2019, on RatingsDirect). Despite limitations imposed by the commonwealth's levy limit law, we did not make a rating distinction between the limited- and unlimited-tax GO pledges due to the town's operating flexibility under the levy limit. We rate the limited-tax GO debt on par with our view of Pembroke's general creditworthiness because the ad valorem tax is not derived from a measurably narrower property tax base and there are no...

Summary