The 'SP-1+' rating on Watertown, Mass.' BANs reflects: Participation in the deep and diverse greater Boston economy, A trend of strong tax base growth, Demonstrated market access through prior note and bond sales, Strong financial performance with the added security of significant reserves, and A low net debt burden. The BANs are secured by the town's full faith and credit pledge. Watertown, population 32,986, is a fully developed community located among Boston's inner-ring cities. The town occupies just 4.16 square miles, but the fiscal 2002 assessed value (AV) is $3.1 billion, up 22% since fiscal 2000. Fiscal 2002 AV is 74% residential and 26% commercial/industrial, representing a 3% growth in commercial/industrial in the past three years. Market value per capita
