- Published: May 2012
- Region: United States
Summary: East Providence, Rhode Island; General Obligation Oct 11
- Published: October 2011
- Region: Rhode Island
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term rating on East Providence, R.I.'s general obligation (GO) bonds. The outlook remains negative, reflecting the city's weak financial position. The long-term ratings reflect our assessment of the city's: Negative unreserved general fund balance; Low pension funded ratios and less than full pension actuarial required contribution (ARC) funding; and High unemployment and recent tax base declines. These weaknesses are somewhat offset by East Providence's: Good income levels; and Low debt position. The GO bonds are secured by the city's full faith and credit pledge. The city has a negative unreserved general fund position due to a reservation for an accumulated deficit within its school fund and has an additional accumulated deficit in...
Companies mentioned in this report are: East Providence
Action: Outlook: Negative
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