NEW YORK – Fitch Ratings Ltd. has affirmed its “A” rating for the City of Providence’s $105 million in outstanding general-obligation bonds, the international credit-rating agency said.
The city’s rating outlook remains stable, Fitch added. The municipal bonds rating for Providence was issued late yesterday, as part of the agency’s routine surveillance of public finance.
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“Fitch’s ‘A’ credit rating validates the hard work we’ve done to strengthen the city’s finances and sustain the progress we’ve made during these difficult economic times,” Mayor David N. Cicilline said in a July 2 statement. “I want to thank our financial team for their expertise and laser-sharp focus on improving the city’s financial performance.”
The other two major ratings agencies – Moody’s Investment Service and Standard & Poor’s – both affirmed their “A” ratings for the city this past October. Both cited Providence’s expanding tax base and its progress toward fully funding municipal pension liability.
Additional information about Fitch Ratings Ltd., including the agency’s scores for Rhode Island and other state and municipal bonds, is available at www.fitchratings.com.
