Projo Biz Blog

Standard & Poor's, the rating agency, has affirmed Providence's "A" bond rating and raised the city's financial outlook from stable to positive.

In its report to investors, Standard and Poor's stated, "the positive outlook reflects the city's recent improvements in its finances and management's continued effort to achieve structural budget stability."

The agency also cited the city's growing tax base led by redevelopment and construction projects, recently created revenue streams and Providence's position as Rhode Island's economic driver. Standard and Poor's also recognized Providence for responsibly maintaining adequate cash reserves for the fourth consecutive year.

"Despite the declining national economy and the fiscal challenges facing our state, we are working harder than ever to build a strong financial foundation for Providence city government and to ensure that every single tax dollar is managed wisely," said Mayor Cicilline, in a statement.

Comments

Joe Ouellette said:

This is a good thing for Providence. Let's hope this will bring the 7 year labor dispute with the Local 799 to an end.

Joe Ouellette

Citizens for Providence Public Safety

provpublicsafety@gmail.com

Link | August 27, 2008 5:36 PM
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