Summary: Watertown, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AAA' rating to the City of Watertown, Mass.' $64.105 million series 2024 general obligation (GO) municipal-purpose loan bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on Watertown's existing debt. The outlook is stable. The city's full-faith-and-credit GO pledge secures the school 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 plan to use the

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 184 183 186 179 Market value per capita ($) 331,545 279,257 266,863 255,909 Population (no.) 35,987 35,218 35,554 County unemployment rate(%) 3.1 4.5 7.7 Market value ($000) 11,931,305 10,049,624 9,398,370 9,098,605 Ten largest taxpayers % of taxable value 18.8 13.6 12.0 9.0 Strong budgetary performance Operating fund result % of expenditures 10.9 9.4 5.0 Total governmental fund result % of expenditures 16.5 14.5 8.3 Very strong budgetary flexibility Available reserves % of operating expenditures 43.2 34.5 26.8 Total available reserves ($000) 70,557 52,787 38,375 Very strong liquidity Total government cash % of governmental fund expenditures 55 45 37 Total government cash % of governmental fund debt service 643 966 794 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 8.6 4.7 4.6 Net direct debt %...

Summary