NEW YORK (Standard&Poor's) Dec. 28, 2007--Standard&Poor's Ratings Services has revised its rating outlook on Durand, Mich.'s series 2001 GO bonds to negative from stable, based on the city's recent trend of drawdowns in its general fund balance from fiscals 2002-2007 and six years of consecutive deficits. The 'A-' Standard&Poor's underlying rating (SPUR) on the bonds has been affirmed. "While the city anticipates a turnaround in general fund operations in fiscal 2008, we expect the city to address its structural imbalance for the medium to long term. If the city is unable to address its imbalance over the next couple of years, the rating will be lowered," said Standard&Poor's credit analyst Marilyn Cruz.
