S&P revises Flagstaff, Arizona ratings outlook to stable

Sept 28 Fri Sep 28, 2012 12:58pm EDT

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Sept 28 (Reuters) - Standard & Poor's Ratings Service late on Thursday said it revised its ratings outlooks to stable from negative on Flagstaff, Arizona's general obligation bonds and certificates of participation, n ot ing the city may not need to tap its reserves much.

In addition, the rating agency affirmed its AA long-term ratings and underlying rating on the city's GO bonds and AA-minus rating on its COPs.

"The outlook revision reflects our view that management has properly managed its budget and is thus unlikely to rely on significant drawdowns on its general fund reserves to fund the city's operations," said Standard & Poor's credit analyst Alda Mostofi."

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