Standard&Poor's Ratings Services assigned its 'A+' rating and stable outlook to the city of Tonawanda, N.Y.'s series 2011 public improvement bonds, and affirmed the 'A+' rating, with a stable outlook, on the city's existing general obligation (GO) debt. The rating reflects our opinion of the city's: Access to and participation in the greater Buffalo area economy and employment base, and unemployment rate that is below state and national levels; Strong financial position with a history of operating surpluses and growing general fund reserves; Moderate overall net debt burden, combined with very rapid debt amortization, low carrying charges, and limited capital needs. These strengths are mitigated, in part, by the lack of growth in the city's tax base, adequate
