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Home My Public Portal AboutBrewster 2018 AAA Bond Offering225 Franklin Street, 15th Floor Boston, MA 02110-2804 tel 617 530-8338 reference no.: 1514494 February 20, 2018 Town of Brewster 2198 Main Street Brewster, MA 02631 Attention: Ms. Lisa Vitale, Treasurer / Collector Re:US$6,870,000 Town of Brewster, Massachusetts, General Obligation Municipal Purpose Loan Bonds, Series 2018, dated: March 15, 2018, due: March 15, 2038 Dear Ms. Vitale: Pursuant to your request for an S&P Global Ratings rating on the above-referenced obligations, S&P Global Ratings has assigned a rating of "AAA" . S&P Global Ratings views the outlook for this rating as stable. A copy of the rationale supporting the rating is enclosed. This letter constitutes S&P Global Ratings' permission for you to disseminate the above- assigned ratings to interested parties in accordance with applicable laws and regulations. However, permission for such dissemination (other than to professional advisors bound by appropriate confidentiality arrangements) will become effective only after we have released the rating on standardandpoors.com. Any dissemination on any Website by you or your agents shall include the full analysis for the rating, including any updates, where applicable. To maintain the rating, S&P Global Ratings must receive all relevant financial and other information, including notice of material changes to financial and other information provided to us and in relevant documents, as soon as such information is available. Relevant financial and other information includes, but is not limited to, information about direct bank loans and debt and debt-like instruments issued to, or entered into with, financial institutions, insurance companies and/or other entities, whether or not disclosure of such information would be required under S.E.C. Rule 15c2-12. You understand that S&P Global Ratings relies on you and your agents and advisors for the accuracy, timeliness and completeness of the information submitted in connection with the rating and the continued flow of material information as part of the surveillance process.Please send all information via electronic delivery to:pubfin_statelocalgovt@spglobal.com. If SEC rule 17g-5 is applicable, you may post such information on the appropriate website. For any information not available in electronic format or posted on the applicable website, Please send hard copies to: S&P Global Ratings Public Finance Department 55 Water Street New York, NY 10041-0003 The rating is subject to the Terms and Conditions, if any, attached to the Engagement Letter applicable to the rating. In the absence of such Engagement Letter and Terms and Conditions, the rating is subject to the attached Terms and Conditions. The applicable Terms and PF Ratings U.S. (4/28/16)Page | 1 Conditions are incorporated herein by reference. S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please visit our website at www.standardandpoors.com.If you have any questions, please contact us. Thank you for choosing S&P Global Ratings. Sincerely yours, S&P Global Ratings a division of Standard & Poor's Financial Services LLC mm enclosures cc:Ms. Lynne A. Foster, Vice President UniBank Fiscal Advisory Services, Inc. PF Ratings U.S. (4/28/16)Page | 2 S&P Global Ratings Terms and Conditions Applicable To Public Finance Credit Ratings General.The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of fact.Credit ratings and other views of S&P Global Ratings are not recommendations to purchase,hold,or sell any securities and do not comment on market price,marketability,investor preference or suitability of any security.While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their agents and advisors,and other information from sources it believes to be reliable,S&P Global Ratings does not perform an audit,and undertakes no duty of due diligence or independent verification,of any information it receives.Such information and S&P Global Ratings' opinions should not be relied upon in making any investment decision.S&P Global Ratings does not act as a "fiduciary"or an investment advisor.S&P Global Ratings neither recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting,advisory,financial or structuring advice.Unless otherwise indicated,the term "issuer"means both the issuer and the obligor if the obligor is not the issuer. 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PF Ratings U.S. (4/28/16)Page | 3 Confidential Information.S&P Global Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received from issuers,their agents or advisors.For these purposes,"Confidential Information"shall mean verbal or written information that the issuer or its agents or advisors have provided to S&P Global Ratings and,in a specific and particularized manner,have marked or otherwise indicated in writing (either prior to or promptly following such disclosure)that such information is "Confidential." S&P Global Ratings Not an Expert,Underwriter or Seller under Securities Laws.S&P Global Ratings has not consented to and will not consent to being named an "expert"or any similar designation under any applicable securities laws or other regulatory guidance,rules or recommendations,including without limitation,Section 7 of the U.S.Securities Act of 1933. 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No Third Party Beneficiaries.Nothing in any credit rating engagement,or a credit rating when issued,is intended or should be construed as creating any rights on behalf of any third parties,including,without limitation,any recipient of a credit rating.No person is intended as a third party beneficiary of any credit rating engagement or of a credit rating when issued. PF Ratings U.S. (4/28/16)Page | 4