Summary: Westfield, Massachusetts; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Westfield, Mass.' approximately $1.38 million series 2023 general obligation (GO) municipal purpose bonds. At the same time, S&P Global Ratings affirmed its 'AA' rating on the city's GO debt outstanding. The outlook is stable. Westfield's full faith and credit, subject to Proposition 2 1/2 limitations, secures the GO bonds. Despite commonwealth levy limit laws, we do not make a rating distinction between Westfield's limited-tax bonds and its general creditworthiness because our analysis of its financial and economic conditions already includes the statutory limitation imposed on its revenue-raising ability. Bond proceeds will permanently finance debt related to water-related infrastructure. We note the city will also issue an $840,000 bond anticipation note at

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI % of U.S. 89 Market value per capita ($) 103,187 Population 41,536 42,136 County unemployment rate (%) 7.6 Market value ($000) 4,285,980 3,798,181 3,595,283 Ten largest taxpayers % of taxable value 4.1 Strong budgetary performance Operating fund result % of expenditures 5.5 4.9 2.8 Total governmental fund result % of expenditures 6.8 5.1 1.8 Very strong budgetary flexibility Available reserves % of operating expenditures 23.2 17.0 12.2 Total available reserves ($000) 34,176 26,067 18,515 Very strong liquidity Total government cash % of governmental fund expenditures 67 46 35 Total government cash % of governmental fund debt service 2,031 1,251 915 Adequate management Financial Management Assessment Standard Strong debt & long-term liabilities Debt service % of governmental fund expenditures 3.3 3.7 3.9 Net direct debt % of governmental fund revenue 39 Overall net debt % of market value 1.7 Direct debt...

Summary