Central Falls investment rating drops

Providence, RI – With $80 million in unfunded pension and benefit obligations looming, the city of Central Falls is taking another financial blow. The national Investors Service Moody's says it is dropping the city's credit rating to six steps below investment grade, or junk-bond' status. Fiscal troubles have already prompted state officials to appoint a receiver last year to take over the city's finances. That receiver has said the city may need to file for bankruptcy, though no decisions have been made.

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