NEW: Moody’s Downgrades North Providence’s Credit
Friday, September 30, 2011
Moody's has downgraded North Providence's credit rating to Baa2 from Baa1 and the outlook for the town remains negative.
The report said the downgrade occurred because of the town has maintained a negative general fund.
"The negative outlook is based on Moody's expectation that the town will remain challenged to restore structurally balanced operations while making progress toward full funding of the police pension actuarially required contributions in an environment of continued revenue weakness and ongoing expenditure demands,” the report said. “Future rating actions will reflect the town's ability to take the necessary steps to achieve and maintain structural balance and rebuild reserves and improved funding of its police pension."
