PAWTUCKET – Fitch Ratings recently affirmed its existing ratings for the city’s general obligation bonds and credit risk.
The March 5 analysis cited state statutes protecting bondholders over creditors in a bankruptcy event as reason for its A+ rating of the $7.3 million in general obligation bonds.
The credit risk rating, known as issuer default rating, remained at an A-, with the agency pointing to “mixed operating results” with general fund deficits in three of the past six years, though the deficits were still at a level Fitch considered adequate.
Increasing retirement benefit costs also offset a lower debt level, the analysis stated.
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Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
