BOSTON (S&P Global Ratings) Aug. 25, 2020--S&P Global Ratings revised its outlook on North Adams, Mass.' general obligation (GO) debt outstanding to negative from stable. At the same time, we affirmed our 'A' underlying rating on the city's GO debt outstanding. "The negative outlook reflects the likely revenue pressure facing North Adams over the next few years," said S&P Global Ratings credit analyst Christian Richards. "The city's budget has little flexibility for increasing revenues or decreasing expenditures. Consequently, even small negative variances are likely to lead to financial pressure." The city posted three consecutive deficits ending in fiscal 2019, with the expectation of a fourth in 2020. In order to maintain its current general fund reserves, the city is leveraging
