...Standard & Poor's Ratings Services assigned its '##' long-term rating and stable outlook to Westfield, Mass' general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its '##' long-term and underlying ratings on the city's GO debt outstanding. In addition, Standard & Poor's assigned its 'SP-1+' short-term rating to the city's 2015 GO bond anticipation notes (BANs). The short-term rating reflects our view that Westfield maintains very strong ability to pay principal and interest when the notes come due. In our opinion, Westfield sustains a low market risk profile as it maintains strong legal authority to issue long-term debt to take out the BANs; in addition, the city is a frequent issuer that regularly provides ongoing disclosure to market participants. The bonds and BANs are general obligations of the city, which has pledged its full faith and credit. We understand that proceeds of the bonds will be used to refund 2004 and 2006 bonds for an estimated net present...
