Standard&Poor's Ratings Services assigned its 'A+' rating to Westfield, Mass.' GO bonds, series 2006, reflecting the city's: Modestly growing, primarily residential tax base with a mix of industrial and commercial sectors; Tax base that continues to display healthy 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, which leaves the city open to exposure during a time of statewide financial concern as well as to any other possible future unforeseen costs. The depletion of both the general fund as well as the
