Fitch revises New Haven, Conn. rating outlook to negative

July 24 (Reuters) - Fitch Ratings Service on Tuesday said it revised New Haven, Connecticut's rating outlook to negative from stable.

The rating agency also affirmed the city's A-plus general obligation bonds, affecting about $499 million of debt.

The negative outlook reflects the city's limited financial flexibility due to projected declines in reserves to even lower levels coupled with rising fixed employee and retiree costs, according to a Fitch statement.