Standard&Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on Westfield, Mass.' GO refunding bonds, reflecting the city's: Modestly growing, primarily residential tax base with a mix of industrial and commercial sectors; Tax base that continues to display moderate growth; Unemployment rates that have remained below state and national levels through the current economic slowdown; and Income levels that have historically approximated the nation's averages. The negative outlook is a result of a significant deterioration of reserves in a relatively short period of time, leaving the city open to exposure during a time of statewide financial concern as well as any other possible future unforeseen costs. The depletion of both the general fund as well as the stabilization
