Summary: Watertown, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Watertown, Mass.' roughly $12.32 million series 2022 general obligation (GO) municipal-purpose loans and affirmed its 'AAA' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-and-credit GO pledge secures the series 2022 bonds and existing GO debt, subject to Proposition 2 1/2 limitations. We rate the limited-tax GO debt on par with our view of Watertown'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 our view of the city's overall ability and willingness to pay debt service. Officials intend to use series 2022 bond proceeds

...S&P Global Ratings assigned its '###' rating and stable outlook to Watertown, Mass.' roughly $12.32 million series 2022 general obligation (GO) municipal-purpose loans and affirmed its '###' rating, with a stable outlook, on the city's existing GO debt. The city's full-faith-and-credit GO pledge secures the series 2022 bonds and existing GO debt, subject to Proposition 2 1/2 limitations. We rate the limited-tax GO debt on par with our view of Watertown'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 our view of the city's overall ability and willingness to pay debt service. Officials intend to use series 2022 bond proceeds to finance general and water-capital needs. Under our criteria, titled "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, on RatingsDirect, we rate Watertown higher...

Summary