Standard&Poor's Ratings Services assigned its 'A-' rating to Westfield, Mass.' series 2008 GO refunding bonds. The outlook is stable. The rating reflects the city's: Growing, primarily residential tax base with a mix of industrial and commercial sectors; Sound employment and income levels; and Below-average debt burden net of school reimbursement grants and manageable future capital needs. These factors are mitigated by the city's thin financial position and revenue limitations imposed by Proposition 2½ that could result in future budgetary pressures. The city's full faith and GO credit pledge secures the bonds. Proceeds will be used to re-fund the city's municipal purpose bonds issued Aug. 1, 1998. The city expects to realize a net present value savings of approximately
