March 5, 2015
BY JONATHAN BISSONNETTE
CENTRAL FALLS – The outlook of the rating for the city's general obligation bonds was upgraded from “stable” to “positive” and reaffirmed the city's BB rating, credit agency Standard & Poor's announced.
Mayor James Diossa in a release issued Thursday said that the outlook upgrade is proof that the city is moving in the right direction.
“My administration is hard at work restoring the fiscal health of the city by doing more with less and focusing on growing the city's economy,” Diossa said. “Our momentum is growing as we move farther and farther away from the corruption and mismanagement of the past.”
Standard & Poor's last rating action for Central Falls was in 2012, when the city's bond rating was upgraded from C to BB. In June 2014, credit rating agency Moody's raised their rating of the city's debt from B1 to Ba3 with a stable outlook.
After the most recent adjustment, Standard & Poor's rates Central Falls' long-term general obligation debt at BB with a positive outlook.
Link to article here.
Photo Credit: Pawtucket Times
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