NEW YORK (Standard&Poor's) May 14, 2014--Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Tonawanda, N.Y.'s general obligation (GO) debt one notch to 'AA-' from 'A+' based on Standard&Poor's local GO criteria, published Sept. 12, 2013, on RatingsDirect. The outlook is stable. "We believe Tonawanda will likely maintain, what we consider, its very strong liquidity and strong management," said Standard&Poor's credit analyst Michael Mooney. "If budgetary performance were to improve, causing budgetary flexibility to improve, we could raise the rating. At the same time, if budgetary performance were to decrease, causing either liquidity or budgetary flexibility to decrease, we could lower the rating. We, however, do not expect to
