OREANDA-NEWS. S&P Global Ratings lowered its rating on Tully Joint Fire District, N. Y.'s general obligation (GO) bonds one notch to 'A-' from 'A', and removed the rating from CreditWatch, where it been placed with negative implications on June 8, 2016. The outlook is stable.

"The downgrade is based on the district's nominally thin general fund reserves and planned spending of restricted reserves during fiscal 2016, which would reduce overall financial flexibility," said S&P Global Ratings credit analyst Lauren Freire.

The district's faith-and-credit-GO pledge secures the bonds.