The rating outlook on Durand, Mich.'s GO bonds has been revised to negative from stable, based on the city's recent trend of drawdowns in its general fund balance from fiscals 2002-2007 and six years of consecutive deficits. The 'A-' ratings on the bonds have been affirmed and reflect the city's: Proximity to employment opportunities in Flint, Mich. and Lansing, Mich.; Declining fund balance position but still adequate reserve levels; and Moderate debt burden with limited future capital needs. Below-average income levels are a limiting factor. The city of Durand is located 20 miles southwest of Flint and 40 miles northeast of Lansing ('AA+'/Stable GO rating) on Interstate 69 within Shiawassee County ('A'/Stable GO rating). As of 2006, Durand's population has
