Standard & Poor's Ratings Services said it revised its outlook to negative from stable and affirmed its BBB-plus long-term rating on the city of Utica, N.Y.'s general obligation debt.

"We revised the outlook to reflect our assessment of the city's recent reductions in reserve levels, diminished liquidity that has led to the recent issuance of revenue anticipation notes, and the ongoing structural imbalances that have led to the use of Water Trust Fund principal to bridge the gaps," said Standard & Poor's credit analyst Danielle Leonardis.

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