The 'SP-1+' rating on Watertown, Mass.' BANs reflects: Participation in the deep and diverse greater Boston economy, A trend of strong tax base growth, Strong financial performance with the added security of significant reserves, and A low net debt burden. The BANs are secured by the town's full faith and credit pledge. Watertown, population 32,986, is a fully developed community located among Boston's inner-ring cities. The town occupies just 4.16 square miles, but the fiscal 2002 suggested state's equalized valuation is $4.1 billion, up 84% since fiscal 1998. Fiscal 2002 assessed value (AV) is diverse, with 74% residential and 26% commercial/industrial. The AV continues to diversify, reflected in a 3% growth in commercial/industrial property in the past three years. Market
