Summary: Westfield, Massachusetts; General Obligation; Note

S&P Global Ratings assigned its 'AA' long-term rating to Westfield, Mass.' roughly $3.5 million series 2024 general obligation (GO) municipal-purpose-loan bonds. S&P Global Ratings also assigned its 'SP-1+' short-term rating to Westfield's roughly $6.7 million GO bond anticipation notes (BANs). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's existing GO debt. The outlook is stable. Westfield's full-faith-and-credit pledge, subject to Proposition 2 1/2 limitations, secures the GO bonds and BANs. Despite commonwealth-levy-limit laws, we do not make a rating distinction between Westfield's limited-tax bonds and general creditworthiness because our analysis of its financial and economic conditions already includes the statutory limitation imposed on its revenue-raising ability. The short-term rating reflects our high investment-grade,

...Most recent --Historical information-- 2023 2022 2021 Strong economy Projected per capita effective buying income (EBI) (%) of U.S. 96.9 Market value per capita ($) 101,559 Population 42,202 41,536 County unemployment rate(%) 4.9 Market value ($000) 4,285,980 3,798,181 3,595,283 10 leading taxpayers as a % of taxable value 4.1 Strong budgetary performance Operating fund result as a % of expenditures 2.7 5.5 4.9 Total governmental fund result as a % of expenditures 2.4 6.8 5.1 Very strong budgetary flexibility Available reserves as a % of operating expenditures 24.1 23.2 17.0 Total available reserves ($000) 38,434 34,176 26,067 Very strong liquidity Total government cash % of governmental fund expenditures 61.0 66.9 46.1 Total government cash % of governmental fund debt service 1,747.6 2,030.6 1,251.0 Adequate management Financial Management Assessment Standard Strong debt and long-term liabilities Debt service as a % of governmental fund expenditures 3.5 3.3 3.7 Net direct debt as a % of...

Summary