Fitch gives ‘A’ ratings to five Cranston bonds

NEW YORK – Fitch Ratings last week announced it had assigned ‘A’ ratings to five general obligation bonds for Cranston. More

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Fitch gives ‘A’ ratings to five Cranston bonds

Posted 7/8/13

NEW YORK – Fitch Ratings last week announced it had assigned ‘A’ ratings to five general obligation bonds for Cranston.

The bonds were:

• $10.21 million general obligation series 2013A.

• $15.4 million general obligation refunding bonds series 2005.

• $17.6 million general obligation bonds series 2006.

• $2.8 million general obligation bonds series 2010A.

• $21.3 million general obligation bonds series 2012A and GO refunding bonds series 2012B.

The series 2013A are scheduled to price July 9, via negotiation, and will be used to fund capital improvements and school costs.

In assigning the ratings, which came with an outlook of stable, Fitch said the city’s financial operations have begun to stabilize following a “recessionary period” that included severe cuts in state aid.

However, the ratings company did stress that financial operations for the city remain “pressured,” warning of future danger as Cranston continues to only fund a portion of its required contributions to its closed pension plan. •

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