Nov 16 (Reuters) - Standard & Poor's Ratings Service late on Thursday said it raised Central Falls, Rhode Island's general obligation debt rating to BB from C. "The upgrade reflects active state oversight of the city's financial operations," said S&P credit analyst Victor Medeiros." The upgrade also reflects, the city's six-year operating plan that maintains structural balance after it emerged from Chapter 9 bankruptcy in October without defaulting on its long-term GO debt. The outlook is stable reflecting that the city will probably maintain structural balance despite a weak economic profile, the rating agency said in a statement. The rating agency said it does not expect to change the rating in the next two years given the city's current financial position, along with weak credit fundamentals. In October, Moody's Investors Service also upgraded its credit rating on Central Falls to B2 from Caa1. Central Falls, is the smallest city by size in Rhode Island, with a population of 18,928.