...S&P Global Ratings affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on Little Falls, N.Y.'s general obligation (GO) debt. The city's faith-and-credit pledge secures the bonds. Weather and flooding events have had an effect on the city's recent performance and subsequent reserves with Federal Emergency Management Agency reimbursements not quite matching the timing of incurred expenses. However, in fiscal 2017, the city generated, what we consider, a strong budgetary performance that increased reserves significantly compared with fiscal 2016 levels. We expect the city will likely maintain, at least, adequate budgetary performance and flexibility as it continues to balance ongoing revenue with increasing expenses. The rating reflects our opinion of the city's: + Very weak economy, with projected per capita effective buying income at 72.1% of the national level and market value per capita of $33,535; + Adequate management, with standard financial policies and practices under...
