Summary: Tonawanda, New York; General Obligation

S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA-' rating on Tonawanda, N.Y.'s outstanding general obligation (GO) debt. At the same time, S&P Global Ratings assigned its 'AA-' rating to Tonawanda's $1.616 million 2021 GO public improvement refunding bonds. The outlook is stable. The revised outlook reflects our view of the city's improved operational performance over the past two years, resulting in a strengthened available general fund reserves and a projection to maintain similarly good reserve levels over the medium-term. The GO bonds are secured by revenue from unlimited ad valorem taxes levied on taxable property within the city. The city is refunding its 2004 and 2012 bonds for an anticipated net present value savings

...S&P Global Ratings revised its outlook to stable from negative and affirmed its '##-' rating on Tonawanda, N.Y.'s outstanding general obligation (GO) debt. At the same time, S&P Global Ratings assigned its '##-' rating to Tonawanda's $1.616 million 2021 GO public improvement refunding bonds. The outlook is stable. The revised outlook reflects our view of the city's improved operational performance over the past two years, resulting in a strengthened available general fund reserves and a projection to maintain similarly good reserve levels over the medium-term. The GO bonds are secured by revenue from unlimited ad valorem taxes levied on taxable property within the city. The city is refunding its 2004 and 2012 bonds for an anticipated net present value savings of about $200,000....

Summary