Summary: Watertown, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Watertown, Mass.' series 2019 bond anticipation notes (BANs) and affirmed its 'AAA' long-term rating on the town's general obligation (GO) debt. The outlook is stable. The short-term rating reflects our criteria for evaluating and rating BANs. In our view, Watertown maintains a very strong capacity to pay principal and interest when BANs come due. We view the town's market-risk profile as low because it has strong legal authority to issue long-term debt to take out the BANs and it is a frequent debt issuer that regularly provides ongoing disclosure to market participants. The town's full-faith-and-credit pledge, subject to Proposition 2-1/2 limitations, secures the bonds and bans. We rate the limited-tax GO

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Watertown, Mass.' series 2019 bond anticipation notes (BANs) and affirmed its '###' long-term rating on the town's general obligation (GO) debt. The outlook is stable. The short-term rating reflects our criteria for evaluating and rating BANs. In our view, Watertown maintains a very strong capacity to pay principal and interest when BANs come due. We view the town's market-risk profile as low because it has strong legal authority to issue long-term debt to take out the BANs and it is a frequent debt issuer that regularly provides ongoing disclosure to market participants....

Summary