...S&P Global Ratings assigned its '##-' long-term rating and stable outlook to the Town of Southbridge, Mass.' $13.7 million series 2021 general obligation (GO) bonds and affirmed its '##-' long-term rating and underlying rating, with a stable outlook, on the town's existing GO debt. Southbridge's full-faith-and-credit pledge, subject to the limitations of Proposition 2 1/2, secures the bonds. We rate the limited-tax GO debt based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Nov. 20, 2019). We are rating the obligation at the same level as our view of Southbridge's general creditworthiness, because the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on resource fungibility, which supports our view of the town's overall ability and willingness to pay debt service. Proceeds of the bonds will provide funds for water, sewer, and road projects, along with refunding Southbridge's...
