Medway, MA GO Debt Rating  Raised  To 'AAA' On Improved Finances

Primary Credit Analyst: Anthony Polanco, Boston 617-530-8234; anthony.polanco@spglobal.com

Secondary Contact: Christina Marin, Boston 617-530-8312; christina.marin@spglobal.com

BOSTON (S&P Global Ratings) May 15, 2017--S&P Global Ratings raised its rating on Medway, Mass.' general obligation (GO) debt to 'AAA' from 'AA+'. The outlook is stable.

"The upgrade reflects our opinion of the town's improved financial performance while maintaining its very strong budgetary flexibility and liquidity," said S&P Global Ratings credit analyst Anthony Polanco.

The town's full-faith-and-credit pledge, subject to limitations of Proposition 2-1/2, secures the bonds.

Medway, with an estimated population of 13,203, is in Norfolk County, about 26 miles southwest of Boston, abutting Interstate 495, which runs north-south.

"The stable outlook reflects our opinion of Medway's very strong budgetary flexibility, coupled with strong budgetary performance and very strong liquidity," added Mr. Polanco. Further supporting the rating is the town's very strong economy with access to the Boston metropolitan area, as well its strong management conditions and debt and contingent liability profile.

RELATED RESEARCH

• S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic

Consistency, Sept. 12, 2013

• Incorporating GASB 67 And 68: Evaluating Pension/OPEB Obligations Under

Standard & Poor's U.S. Local Government GO Criteria, Sept. 2, 2015

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