Central Falls’ Financial Progress Reaffirmed by Moody’s

Central Falls – Credit rating agency Moody’s Investor Services praised the City of Central Falls’ financial progress and increased their credit rating by one notch from Ba2 to Ba1. The increase comes on the heels of Credit rating agency Standard & Poor’s increase of Central Falls’ long-term bond rating by three notches from “BB” to “BBB,” placing the City in Investment Grade. Moody’s analysts also indicated that the City may be upgraded again within 12 to 24 months based on the positive outlook.

“Moody’s latest ratings report reiterates the hard work that has been done in Central Falls’ from the dark days of bankruptcy and receivership to the present,” stated Mayor James A. Diossa. “Our efforts and dedication to following fiscally sound budgeting practices are clearly paying off; leaving the City in a strong position. I would like to personally thank the City Council and Administrative and Finance Officer Leonard Morganis for their collaborative efforts in helping to lead the comeback of this great City.”

Morganis noted: “The City of Central Falls has continued to improve its credit rating, as now can be attested by two agencies, due to diligently following the post-bankruptcy plan in conjunction with surpassing budgetary projections.  The city is growing on a solid fiscal foundation.”

Moody’s rating upgrade for Central Falls comes as a result of Mayor James A. Diossa’s commitment to sound and transparent fiscal practices. The administration’s adherence to bankruptcy recovery plan, resulted in a trend of positive financial performance. Moody’s also noted improved reserves in fiscal 2018, which begins July 1, 2017, due to the City’s new fund policy.

Central Falls will be exiting the six-year bankruptcy agreement on June 30, 2017.  Mayor Diossa is fully committed to continuing to abide by the responsible and transparent fiscal practices that have improved the City’s bond rating by both agencies.

The great news for Central Falls also comes on the back end of recognition given to Mayor Diossa for the work that the City has put forth in large projects. The City is currently working jointly with Pawtucket to bring a train station, in conjunction with Pawtucket and Cumberland on the Broad Street Regeneration Initiative, and the rehabilitation of the Landing.

 

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