(PR-inside.com) - In the course of routine surveillance, Fitch Ratings downgrades to 'A' from 'A+' the rating on Glenwood Springs Rural Fire Protection District, CO's (the district) $315,000 in outstanding limited general obligation bonds (LTGO), series 2001. The Rating Outlook is revised to Negative from Stable. The downgrade reflects the district's deteriorating financial flexibility driven by unanticipated expenditure increases and statutory revenue growth limitations which have resulted in weakened reserves. In 2007, the unreserved general fund balance declined to $170,420 (33.4% of total spending) from $304,000 (67.4% of spending in fiscal 2004). While reserves are still above average, 2007 reflected ..
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