NEW YORK (Standard&Poor's) July 13, 2004--Standard&Poor's Ratings Services revised its outlook on Westfield, Mass.' 'A+' general obligation bond rating to negative from stable following significant depletion of the city's general and stabilization funds over the past four fiscal years, leaving the city open to exposure during a time of financial concern in the commonwealth. "We expect the city to swiftly introduce and implement a plan to rebuild reserve levels," said Standard&Poor's credit analyst Danielle Leonardis. "If reserve levels are not replenished within a reasonable time frame, a rating action may be warranted." At the same time, Standard&Poor's assigned its 'A+' rating to Westfield's new $12.48 million general obligation bonds, reflecting the city's
