S&P affirms Warwick bond rating

IN AFFIRMING WARWICK'S
IN AFFIRMING WARWICK'S "AA-" bond rating, Standard & Poor's Rating Services cited a number of positive factors for the city, including its role as the home to T.F. Green Airport. / COURTESY THE R.I. DEPARTMENT OF TRANSPORTATION

WARWICK – Standard & Poor’s Rating Services has affirmed Warwick’s “AA-” bond rating with a stable outlook, citing the city’s budgetary performance and flexibility and its role as home to T.F. Green Airport and the InterLink station.

Warwick’s available reserves reached 5.7 percent of total general fund expenditures in fiscal year 2013, Standard & Poor’s said. Consistent general funds performance, strong liquidity and budgetary flexibility also contributed to the ratings agency’s decision to affirm the bond rating.

“I am pleased that Standard & Poor’s has determined that the city of Warwick’s economy is robust and growing, our budgetary practices are sound, and that our future outlook is bright,” said Mayor Scott Avedisian.

“I am proud of the hard work of our city’s finance team, who has helped to ensure Warwick’s continued fiscal health,” he added.

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