Summary: Pembroke Town, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AA' rating and stable outlook to Pembroke, Mass.' series 2018 general obligation (GO) municipal-purpose loan bonds and affirmed its 'AA' rating, with a stable outlook, on the town's existing GO debt. Officials intend to use series 2018 bond proceeds, totaling approximately $4.7 million, to finance existing bond anticipation notes of $2.27 million permanently and fund various projects townwide. The town's full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the GO debt. Despite commonwealth levy-limit laws, we did not make a rating distinction between Pembroke's limited-tax-GO pledge and general creditworthiness because our analysis of its financial and economic conditions already includes the tax limitation imposed on its revenue-raising ability. The rating reflects our opinion of

...S&P Global Ratings assigned its '##' rating and stable outlook to Pembroke, Mass.' series 2018 general obligation (GO) municipal-purpose loan bonds and affirmed its '##' rating, with a stable outlook, on the town's existing GO debt. Officials intend to use series 2018 bond proceeds, totaling approximately $4.7 million, to finance existing bond anticipation notes of $2.27 million permanently and fund various projects townwide. The town's full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the GO debt. Despite commonwealth levy-limit laws, we did not make a rating distinction between Pembroke's limited-tax-GO pledge and general creditworthiness because our analysis of its financial and economic conditions already includes the tax limitation imposed on its revenue-raising ability. The rating reflects our opinion of the strength of Pembroke's property tax base that continues to grow within the Boston metropolitan statistical area (MSA). We believe the town's elected...

Summary