BOSTON (Standard&Poor's) March 7, 2007--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Fitchburg, Mass.' GO debt two notches to 'BBB-' from 'BBB+'. The outlook is negative. The downgrade reflects the city's weak financial position, absence of clear efforts to achieve structural balance and restore the financial position, and limited local economy. The city's low overall net debt position and recent property tax base growth are offsetting credit strengths. "Management's lack of a sound plan to achieve structural budget stability and reverse the declining financial position led us to lower the rating and assign the negative outlook," said Standard&Poor's credit analyst Henry Henderson. "If Fitchburg's overall financial profile and already-thin reserves continue to deteriorate,
