S&P Global Ratings assigned its 'AA-' rating to Tonawanda, N.Y.'s approximately $4.7 million general obligation (GO) bonds and affirmed its 'AA-' rating on Tonawanda's existing GO debt. Additionally, we assigned our 'SP-1+' short-term rating to the city's $5.246 million GO bond anticipation notes (BANs). The outlook, where applicable, is stable. The GO and BANs bonds are secured by revenue from unlimited ad valorem taxes levied on taxable property within the city. We understand proceeds of the bonds will permanently finance outstanding BANs, with $2.4 million financing an LED lighting project. The BANs will finance various city-wide improvement projects. The rating reflects the city's stabilized financial profile, demonstrated by three years of surplus, including draft fiscal 2021 results, after consecutive years
