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May 28, 2008

Providence Water gets AA bond rating

PROVIDENCE -- Providence Water, the state's biggest water supplier, has gotten a AA bond rating from Standard & Poor’s Ratings Services, Mayor David N. Cicilline's office announced today.

It is the utility's first time receiving a bond rating and, Cicilline said in a news release, it means Providence Water will save about $3.5 million, or $168,000 annually, in interest costs savings for loans used to pay for present and future major replacement projects.

Cicilline touted the bond rating as “the direct result of smart management and responsible fiscal practices."

-- projo.com staff writer Michael P. McKinney

Posted by Mike McKinney  at 11:59 AM | Permalink

Comments

Doesn't the Mayor know that that ratings of services such as Standard and Poor's,Moody's,and others are under scrutiny ? Profits at both have risen exponetially to the # of favorable ratings given to pkgs.of sub-prime mortgages sold to pension and mutual funds . Could someone please give the Mayor a subscription to the Wall St. Journal ?

susan | June 5, 2008 6:47 AM link

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