NEW YORK – Fitch Ratings last week affirmed the “B” rating of Woonsocket’s $109 million in outstanding general obligation bonds, assigning the rating outlook as “stable.”
In its ratings affirmation, Fitch said the bonds are backed by the city’s “full faith and credit and unlimited taxing power.” It noted that Woonsocket has made progress in stabilizing the city’s finances, including decreases in the cumulative general and school fund negative balances, and improved liquidity position.
Fitch said the city still faces financial challenges and liquidity concerns, as well as high retiree costs, and weak employment and demographics. •
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