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Summary: Norwood, Massachusetts; General Obligation; Note May 06

  • ID: 2038522
  • May 2006
  • Region: Massachusetts
  • Standard & Poors

The Town of Norwood, Mass.' BANs have been rated 'SP-1+'. The 'AA' standard long-term rating and Standard & Poor's underlying rating (SPUR) on the town's existing debt have been affirmed. The ratings reflect the town's: A favorable location near Boston, with a good mix of commercial and industrial businesses in the tax base; Above-average wealth and income levels, with below-average unemployment rates; Strong property tax growth; Improving financial performance and position, following a period of fund balance deterioration; and A low debt burden. The notes are secured by the city's full faith and credit pledge. Proceeds will be used for the cost of architectural and engineering services for the purpose of constructing a new high school ($6 million), in addition...

Companies mentioned in this report are:
- Norwood

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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