...Standard & Poor's Ratings Services assigned its '##' long-term rating and stable outlook to Westfield, Mass' general obligation (GO) municipal purpose loan of 2016 bonds. At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's GO debt outstanding. In addition, Standard & Poor's assigned its 'SP-1+' short-term rating to the city's 2016 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 GOs of the city, which has pledged its full faith and credit, subject to the limitations of Proposition 2+. We understand that proceeds...
