Projo Biz Blog

Fitch Ratings today affirmed the "A" bond rating for Providence's approximately $105 million in outstanding general obligation bonds.

Fitch reviewed the city's finances and concluded that Providence continues to exercise strong fiscal management in the face of external pressures, including the declining housing market and state budget crisis.

Fitch Ratings' report card for Providence also included a "stable outlook" for the city.

"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," said Mayor David Cicilline. "I want to thank our financial team for their expertise and laser-sharp focus on improving the city's financial performance."

The ratings report comes eight months after two major municipal bond rating agencies, Standard & Poor's and Moody's Investment Service, affirmed the city's financial position by issuing "A" bond ratings last October.

---