Standard & Poor's Ratings Services said it revised its outlook to negative and affirmed its A-minus underlying rating on Independence, Ore.'s existing full faith and credit bonds.

"The negative outlook reflects our view of the city's structural imbalance resulting in declines in its general fund reserve levels to low levels coupled with the possibility of further declines during the next two fiscal years," said Standard & Poor's credit analyst Li Yang. "Should reserve levels fall below adequate levels during the next fiscal year, the rating could be lowered," Yang added.

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