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April 24, 2006

Providence bond rating gets boost

PROVIDENCE -- Mayor David N. Cicilline announced today that Moody’s Investors Service has upgraded the city's bond rating to its highest level since the early 1990s.

Moody's, an international credit-rating agency, upgraded Providence's rating from “Baa-1” to “A3" earlier in the month. Moody’s also gave the city "a positive outlook" regarding the status of $127.5 million of outstanding general obligation debt.

At the end of the 2005 fiscal year, the city's undesignated general fund balance increased to $16.71 million or 4.5 perceent of revenues, which approaches the city's 5 percent goal, according to Moody's Web site.

Providence’s improved credit rating means that the city can borrow money at a lower rate, resulting in substantial savings for taxpayers, Cicilline said in a statement.

Posted by Steve Peoples  at 3:55 PM | Permalink

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