S&P raises East Providence debt rating from ‘BB+’ to ‘A’
ROSEMARY BOOTH GALLOGLY, director of the R.I. Department of Revenue, announced with Gov. Lincoln D. Chafee Wednesday that Standard & Poor's rating services raised East Providence's general obligation debt rating from BB+ to A.
PROVIDENCE – Standard & Poor’s has raised East Providence’s general-obligation debt rating from BB+ to A, Gov. Lincoln D. Chafee and R.I. Department of Revenue Director Rosemary Booth Gallogly announced Wednesday.
“All of the hard work and difficult decisions by the budget commission and city officials have been recognized by the national rating agency with this extraordinary upgrade,” said Chafee in a release. “This is another example of the good work that has been done with the help and support of the state under the Fiscal Stability Act. Rhode Island has an important role to make sure that all of our communities are financially strong and vibrant.”
Standard & Poor’s acknowledged the East Providence Budget Commission for adopting stronger fiscal- management practices. The commission was dissolved last month following the state’s determination that the city’s fiscal health had improved such that commission oversight was no longer needed.
“I am thankful to everyone participating in the efforts that made this upgrade a reality for the city of East Providence and its residents,” said Gallogly. “I am very grateful that the hard work paid off and has been recognized by Standard & Poor’s.”
In congratulating the city, Chafee thanked Gallogly and her team, city staff and the five members of the East Providence Budget Commission: Michael O'Keefe, Diane Brennan, Steve Bannon, City Manager Peter Grazykowski and Council President and Mayor James Briden.
“The City of East Providence now has an investment grade credit rating,” said Briden. “This is a great day for our city and our taxpayers. This should create significant savings in future borrowing costs for the City.”