BOSTON (Standard&Poor's) May 30, 2006--Standard&Poor's Ratings Services lowered its rating on Fitchburg, Mass.' outstanding GO debt to 'BBB+' from 'A-', reflecting the city's currently weak financial position, coupled with a lack of current and future structural balance. An additional limiting factor is the city's limited local economy. In addition, Standard&Poor's assigned its 'BBB+' rating to the city's $2.483 million GO bonds, series 2006. The outlook is stable. The sale date is May 31. "The stable outlook reflects Standard&Poor's expectation that the city's accumulated general fund reserves will remain positive, despite projected reductions, based on the city's current projections and the expected stability in state aid and property tax collections, which comprise the
