Standard&Poor's Ratings Services raised its underlying rating (SPUR) Fitchburg, Mass.' general obligation (GO) debt to 'A-' from 'BBB+', reflecting the city's improved financial position. The outlook is stable. At the same time, Standard&Poor's assigned its 'SP-1+' rating to Fitchburg's bond anticipation notes (BANs) based on the city's underlying credit quality and demonstrated market access. The city's adequate income levels and strong per capita valuation, combined with its low overall net debt burden, further support the 'A-' SPUR in our opinion. These strengths are somewhat offset, however, by the city's: Elevated unemployment level; and Modest, albeit improving, cash position, which requires officials to issue revenue anticipation notes (RANs) during each fiscal year. The city's full faith and
