Thursday, August 8, 2024
Providence Maintains Stable A3 Rating, Reflecting Continued Fiscal Responsibility
Mayor Brett P. Smiley today announced that Moody’s Investors Service has affirmed the A3 rating on the City’s outstanding General Obligation (GO) Bonds, maintaining the upgraded rating the City received last year. This rating update was made in conjunction with the City’s upcoming bond issue for City-wide school improvements as part of the City’s ongoing commitment to invest in school infrastructure.
“We have worked diligently to balance our financial operations while making strategic investments in our city’s future. This rating is a testament to our diverse economy and prudent approach to managing long-term liabilities,” said Mayor Brett P. Smiley. “We will continue to focus on making proper investments that strengthen our financial position and benefit all Providence community members, ensuring a stable and prosperous future for our great city.”
In their published report Moody’s wrote that the “The stable outlook reflects the city’s diverse economy that is expected to support sufficient revenue raising ability to maintain balanced financial operations and continue the city’s funding commitment to reduce the unfunded long-term liabilities.”
Moody’s Investor Services review was conducted as a part of their annual surveillance of the City’s credit. In addition to the GO Bond Rating, the Providence Public Building Authority and Providence Redevelopment Agency lease revenue bonds remain at Baa1.