S&P upgrades town of West Greenwich’s bond rating to AA-

NEW YORK – Standard & Poor’s Ratings Services raised its long-term and underlying ratings on West Greenwich’s general-obligation bonds to AA- from A+ based on its opinion of the town’s “very strong financial performance in combination with very strong wealth levels,” the ratings agency said in a news release. The town’s outlook is stable.
Rating factors included Standard & Poor’s opinion of the water district’s financial position, wealth levels, favorable debt profile and strong fund-balance position.
Additionally, those factors are partially mitigated by taxpayer concentration and unemployment rates.
“We expect that the town’s generally positive operating trend, which has allowed it to build comfortable reserves, will continue and that the town’s liquidity position will remain at levels that will provide ample protection in unfavorable economic conditions,” said Standard & Poor’s. &#8226