The 'AA' standard long-term rating on Norwood, Mass.' series 2007 GO bonds reflects the town's: Favorable location near Boston, with a good mix of commercial and industrial businesses within the tax base; Above-average wealth and income levels and below-average unemployment rates; Improving financial performance and position, following a period of fund balance deterioration; and Manageable debt burden. Constraining the above factors are the town's modest reserve levels and reliance on utility transfers to support general fund operations, coupled with a pending settlement due from the utility fund. The 'AA' ratings on the town's previously issued GO debt have been affirmed. The long-term bonds are secured by the town's full faith and credit pledge. Proceeds will be used for various municipal...
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Action: New Rating
Action: Outlook: Stable
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