S&P Global Ratings assigned its 'AA-' long-term rating and stable outlook to Southbridge, Mass.' series 2016 general obligation (GO) bonds, and affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the town's existing GO debt. The town's full-faith-and-credit pledge, subject to limitations of Proposition 2 1/2, secures the bonds. Despite limitations imposed by the commonwealth levy limit law, we did not make a rating distinction for the limited-tax GO pledge due to the town's flexibility under the levy limit. Officials plan to use series 2016 bond proceeds to refund the town's series 2005 GO bonds and provide funding for various capital improvement projects. The rating reflects our views of the town's: Adequate economy, with projected
