Fitch upgrades Cranston outlook

CRANSTON – An international rating agency has upgraded the city of Cranston’s financial outlook from stable to positive.
Fitch Ratings Inc. this month reaffirmed the city’s financial health with an “A” rating and upgraded its financial outlook to “positive,” according to a press release. Mayor Allan Fung, who recently hosted representatives from different rating agencies for a tour of Cranston, touted the “positive economic environment of the city.”
“Through this upgrade, Fitch Ratings agency is recognizing the hard work and sacrifice that has gone into bringing Cranston from one of the worst bond ratings in the early 2000s to where it stands today,” Fung said in a statement.
Fitch, in its rating, said city finances have “essentially stabilized over the past three fiscal years,” and that overall debt levels are low, according to the release.
“This upgrade by a second rating agency is a plus for the Cranston taxpayer, as these solid bond ratings will enable our city to access capital at better rates for projects that will benefit our residents,” Fung said.