Summary: Westfield, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to the City of Westfield, Mass.' series 2020 general obligation (GO) bond anticipation notes (BANs), due June 11, 2021, totaling $7.479 million. At the same time, S&P Global Ratings affirmed its 'SP-1+' rating on the city's existing BANs and 'AA' long-term rating, with a stable outlook, on the city's existing GO debt. The short-term note rating reflects our criteria for evaluating and rating BANs. In our view, Westfield maintains a very strong capacity to pay principal and interest when the notes come due. In our view, and in accordance with our criteria, "Bond Anticipation Note Rating Methodology" (published Aug. 31, 2011), the city maintains a low market risk profile, because it has

...S&P Global Ratings assigned its 'SP-1+' short-term rating to the City of Westfield, Mass.' series 2020 general obligation (GO) bond anticipation notes (BANs), due June 11, 2021, totaling $7.479 million. At the same time, S&P Global Ratings affirmed its 'SP-1+' rating on the city's existing BANs and '##' long-term rating, with a stable outlook, on the city's existing GO debt. The short-term note rating reflects our criteria for evaluating and rating BANs. In our view, Westfield maintains a very strong capacity to pay principal and interest when the notes come due. In our view, and in accordance with our criteria, "Bond Anticipation Note Rating Methodology" (published Aug. 31, 2011), the city maintains a low market risk profile, because it has strong legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants. The city's full faith and credit pledge, subject to the limitations of Proposition 2 1/2,...

Summary