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Summary: Worcester, Massachusetts; General Obligation; Note May 11
Standard & Poors, May 2011
Standard & Poor's Ratings Services has assigned its 'SP-1+' short-term rating to Worcester, Mass.' general obligation (GO) bond anticipation notes (BANs) and affirmed its 'A-' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing long-term debt. The ratings reflect our opinion of the city's general creditworthiness and demonstrated market access and also reflect what we view as Worcester's: Diversifying local economy, which continues to shift to the service sector from manufacturing and benefits from the presence of 10 colleges and universities and a strong health care sector; Large and diverse property tax base and an unused levy capacity of $10 million under levy limits that apply to the whole commonwealth, despite a significant reduction in...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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