Standard&Poor's Ratings Services affirmed its 'A-' long-term rating and underlying rating (SPUR), with a negative outlook, on North Adams, Mass.' general obligation (GO) debt. Standard&Poor's also affirmed its 'AA' program rating, with a stable outlook, and its 'A-' underlying rating for credit program, with a negative outlook, on North Adams' GO commonwealth-qualified municipal-purpose loan bonds. The program rating reflects our assessment of the bonds' eligibility under the Massachusetts Chapter 44A Qualified Bond Act. The city's full-faith-and-credit pledge secures the bonds. The 'A-' rating reflects our opinion of the following credit conditions for North Adams, specifically its: Very weak economy, with projected per capita effective buying income at 71.5% of the national level and market value per
