NEW: Woonsocket Now at Junk Bond Status
Thursday, March 08, 2012
With the city on the verge of running out of money, Woonsocket's bond rating has been downgraded to junk bond status, according to Fitch Ratings.
Earlier this week, Mayor Leo Fontaine acknowledged that bankruptcy is a possbility with the city facing a $7.3 million deficet in the school department.
According to a release, "It is Fitch's opinion that the city has very limited expenditure reduction options available to address the imbalance, and the tax base is stressed."
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