SAN FRANCISCO (Standard&Poor's) Nov. 11, 2002--Standard&Poor's Ratings Services said today it revised its outlook on Redlands, Calif.'s general obligation debt to negative from stable based on the anticipated depletion of the city's unreserved general fund balance. Standard&Poor's also affirmed its 'A' rating on the city's outstanding general obligation debt of approximately $6.4 million. "Without prompt budgetary action, the operating deficits projected for fiscal 2003 and 2004 may result in a fund balance deficit of over $5 million by the end of 2004," said Standard&Poor's credit analyst Leo Carrillo. "Personnel and capital cost growth has outstripped revenue growth and could reduce the city's reserves in fiscal 2003 to only 1% of expenditures at
