Summary: Watertown, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'AAA' long term-rating to the Town of Watertown, Mass.' series 2021 general obligation (GO) school bonds totaling $59.4 million. At the same time, S&P Global Ratings affirmed its 'SP-1+' short-term rating on Watertown's existing bond anticipation notes (BANs) and 'AAA' long-term rating on the town's existing GO debt. The outlook on all long-term ratings is stable. The short-term BAN rating reflects our criteria for evaluating and rating BANs. In our view, Watertown maintains a very strong capacity to pay principal and interest when the notes come due. In our view, and in accordance with our criteria "Bond Anticipation Note Rating Methodology" (published Aug. 31, 2011), the town maintains a low market risk profile, because it

...S&P Global Ratings assigned its '###' long term-rating to the Town of Watertown, Mass.' series 2021 general obligation (GO) school bonds totaling $59.4 million. At the same time, S&P Global Ratings affirmed its 'SP-1+' short-term rating on Watertown's existing bond anticipation notes (BANs) and '###' long-term rating on the town's existing GO debt. The outlook on all long-term ratings is stable. The short-term BAN rating reflects our criteria for evaluating and rating BANs. In our view, Watertown maintains a very strong capacity to pay principal and interest when the notes come due. In our view, and in accordance with our criteria "Bond Anticipation Note Rating Methodology" (published Aug. 31, 2011), the town maintains a low market risk profile, because it has strong legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants. The town's full-faith-and-credit GO pledge secures the BANs and bonds,...

Summary