...S&P Global Ratings assigned its '##' long-term rating to Westfield, Mass.' series 2018 general obligation (GO) municipal purpose loan bonds. At the same time, S&P Global Ratings affirmed its '##' ratings on the city's existing GO debt. The outlook is stable. The city's full-faith-and-credit pledge secures the series 2018 bonds. Officials intend to use the proceeds to permanently finance the city's existing bond anticipation notes (BANs) and refund the series 2008 bonds. The city's full-faith-and-credit pledge, subject to the limits of Proposition 2-1/2, secures the GO debt outstanding. The debt is subject to Proposition 2-1/2 and is therefore a limited GO. We rate the limited-tax GO debt based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018). Due to the city's flexibility of resources for debt service payments under the Proposition 2-1/2 limits, we have not made a rating distinction between the limited...
