S&P Global Ratings assigned its 'AA' long-term rating to the City of Westfield, Mass.' general obligation (GO) municipal purpose loan of 2021 bonds, series B, totaling $2 million. The outlook is stable. The city's full faith and credit pledge, subject to the limitations of Proposition 2-1/2, secures the GO bonds. Despite commonwealth levy limit laws, we did not make a rating distinction between Westfield's limited-tax debt and the city's general creditworthiness because our analysis of its financial and economic conditions already includes the statutory limitation imposed on its revenue-raising ability. Officials intend to use bond proceeds to permanently finance bond anticipation notes (BANs) relating to water-related capital projects. We base our rating on Westfield's stable economic base with growing market
