Standard&Poor's Ratings Services placed its underlying rating (SPUR) on Fitchburg, Mass.' GO debt on CreditWatch with negative implications. The CreditWatch placement reflects the increased uncertainty surrounding the city's cash and financial position arising from the city's unexpected recent issuance of RANs. Standard&Poor's is seeking additional information from the city to determine if the RAN issuance is a sign of further financial deterioration. Standard&Poor's lowered its SPUR on Fitchburg, Mass.' GO debt to 'BBB+' from 'A-', on May 30, 2006, reflecting the city's weak financial position, coupled with a lack of current and future structural balance. An additional limiting factor is the city's limited local economy.
