S&P Global Ratings raised its long-term rating on Fitchburg, Mass.' existing general obligation (GO) debt by one notch to 'AA-' from 'A+'. The one-notch upgrade reflects the city's stable financial position and improvement in its debt profile, along with marginal improvement in economic metrics. The outlook is stable. Fitchburg's full-faith-and-credit pledge, subject to Proposition 2-1/2 limitations, secures the GO debt outstanding. Despite commonwealth levy-limit laws, we do not make a rating distinctions between the city's limited-tax GO pledge and general creditworthiness because our analysis of the city's financial and economic conditions already includes the limitation imposed on the town's revenue-raising ability. The rating reflects our view of Fitchburg's consistent financial results and stable reserve profile, coupled with a growing economic
