Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Westfield, Mass.' GO debt two notches to 'A-' from 'A+', based on the deterioration of the city's financial position to a very thin level below 1% of expenditures. The outlook is stable. The rating also reflects the city's: Growing, primarily residential tax base with a mix of industrial and commercial sectors; and Sound unemployment and income levels. The city's full faith and GO credit pledge secures the bonds. Westfield's financial position has declined significantly in recent years to a currently low level. The city drew down its reserves in seven of the past eight fiscal years, including a $587,000 drawdown in fiscal 2006 that brought the total general fund
