NEW YORK (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA-' rating on Tonawanda, N.Y.'s outstanding general obligation (GO) debt. At the same time, S&P Global Ratings assigned its 'AA-' rating to Tonawanda's $1.616 million 2021 GO public improvement refunding bonds. The outlook is stable. "The revised outlook reflects our view of the city's improved operational performance over the past two years, resulting in a strengthened available general fund reserves and a projection to maintain similarly good reserve levels over the medium-term," said S&P Global Ratings credit analyst Krystal Tena. "The rating and outlook revision to stable reflects the city's stabilized financial profile after consecutive years of negative operational results
