...S&P Global Ratings has revised its outlook on the City of Augusta, Maine's general obligation (GO) bonds to stable from positive. At the same time, S&P Global Ratings affirmed its '##' rating on the city's GO debt outstanding. We base the outlook revision on fluctuating economic indicators and limited certainty that the city can achieve and sustain what we view as a strong economy. While we recognize there are aspects to Augusta's economy that lend it strength, namely its low unemployment and stabilizing institutions (which make it less susceptible to economic swings), we also note statewide trends such as an aging and declining workforce, and continued loss of industry, will likely challenge the city in the years to come. For these reasons, and despite Augusta's strong management and favorable financial profile, we are likely to maintain the '##' rating over our two-year outlook horizon. The city's full faith and credit pledge, subject to the state's LD1 tax levy limit, secures the bonds....
