Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Tonawanda, N.Y.'s general obligation (GO) debt one notch to 'AA-' from 'A+' based on Standard&Poor's local GO criteria, published Sept. 12, 2013, on RatingsDirect. The outlook is stable. Standard&Poor's also assigned its 'AA-' long-term rating and stable outlook to the city's series 2014 GO public improvement bonds. The city's faith-and-credit pledge secures the bonds. The rating reflects our opinion of the following factors for the city: We view Tonawanda's local economy as adequate with projected per capita effective buying income of 88% of the national average. Market value is roughly $40,200 per capita. Tonawanda is in Erie County. County unemployment averaged 7.4%
