Standard&Poor's Ratings Services assigned its 'A+' rating and stable outlook to the city of Tonawanda, N.Y.'s series 2009 public improvement refunding serial bonds. In our opinion, the rating reflects the city's: Limited local economy, with access to, and participation in the greater Buffalo area economy and employment base; Growing and very diverse property tax base, bolstered by a full revaluation effective fiscal 2009, that has averaged 9.5% annual growth since 2005; Sound financial position, based on a limited budget, supporting a strong reserve position when measured on a percentage of expenditures basis; and Low overall net debt burden, coupled with rapid debt amortization and limited capital needs. These strengths are mitigated, in part, by the city's rising unemployment,
