RIPR News
9:55 am
Thu March 31, 2011

Another agency downgrades Providence's bonds

Providence, RI – By MEGAN HALL

For the third time in two weeks, a bond rating agency has downgraded Providence's municipal bonds.

Standard and Poor's today reduced the capitol city's rating from A- to BBB+.

David Ortiz with the Mayor's office says the city is working to get those ratings back up.

"The Taveras administration is taking decisive action, that has been acknowledged by all three rating agencies," he says, "and we are headed in the right direction to eventually improve the city's bond ratings."

Any Standard and Poor's bond rating below BBB is considered junk status.

Earlier this month, Moody's and Fitch ratings services also downgraded Providence's bond ratings.

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