Summary: Westfield, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'AA' long-term rating to the City of Westfield, Mass.' series 2022 $21.37 million general obligation (GO) municipal-purpose loan. At the same time, we affirmed our 'AA' rating on the city's GO debt outstanding and our 'SP-1+' rating on its BAN outstanding. The outlook, where applicable, is stable. The city's full faith and credit pledge, subject to the limitations of Proposition 2-1/2, secures the GO bonds and BAN. 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 permanently finance BANs relating to

...S&P Global Ratings assigned its '##' long-term rating to the City of Westfield, Mass.' series 2022 $21.37 million general obligation (GO) municipal-purpose loan. At the same time, we affirmed our '##' rating on the city's GO debt outstanding and our 'SP-1+' rating on its BAN outstanding. The outlook, where applicable, is stable. The city's full faith and credit pledge, subject to the limitations of Proposition 2-1/2, secures the GO bonds and BAN. 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 permanently finance BANs relating to water-related capital projects, as well as to finance a portion of a new elementary school construction; the remainder will be covered by the Massachusetts School Building Authority....

Summary