S&P Global Ratings assigned its ‘BBB-'rating to Little Falls , New York’s series 2026 general obligation (GO) public improvement serial bonds, totaling about $2.9 million. The outlook is stable. The city's faith and credit secures its GO debt. Officials will use the series 2026 bond proceeds to permanently finance a portion of its bond anticipation notes outstanding. The rating reflects our view of Little Falls’ weak financial position resulting from years of budget mismanagement, which has led to a structural imbalance, negative fund balance levels, and forced the city to seek deficit financing. We understand the city’s prior management team lacked relevant experience and failed to properly align revenue and expenditures, did not maintain proper accounting records, relied on
