Summary: Pembroke, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' and 'AA' ratings to the Town of Pembroke, Mass.'s 2024 general obligation (GO) bond anticipation notes (BANs), totaling $18.4 million, and GO municipal-purpose loan at $18.8 million, respectively. At the same time, S&P Global Ratings affirmed its 'SP-1+' and 'AA' ratings on the town's GO BANs and long-term debt outstanding. The outlook, where applicable, is stable. The town's full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the bonds and GO debt outstanding. 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 limitations on the fungibility of resources, supporting

...Most recent Historical information 2023 2022 2021 Very strong economy Projected per capita EBI % of U.S. 139 134 134 141 Market value per capita ($) 224,148 206,460 167,447 161,006 Population 18,460 19,372 18,880 County unemployment rate (%) 3.5 3.9 5.7 Market value ($000) 4,137,775 3,811,246 3,243,782 3,039,792 Ten largest taxpayers % of taxable value 5.2 5.3 5.6 5.6 Strong budgetary performance Operating fund result % of expenditures 1.9 2.2 3.4 Total governmental fund result % of expenditures 3.4 4.0 4.2 Strong budgetary flexibility Available reserves % of operating expenditures 13.3 12.7 11.0 Total available reserves ($000) 10,162 9,267 8,101 Very strong liquidity Total government cash % of governmental fund expenditures 35 24 21 Total government cash % of governmental fund debt service 713 612 565 Adequate management Financial Management Assessment Standard Weak debt & long-term liabilities Debt service % of governmental fund expenditures 5.0 3.8 3.7 Net direct debt % of governmental...

Summary