Warwick's investment rating downgraded

Providence, RI – Warwick mayor Scott Avedesian is shrugging off the fact that Moody's has downgraded the city's bond rating. The Wall Street firm dropped Warwick's rating from Aa2 to Aa3 because of the city's below average reserve fund and its limited financial flexibility. Avedesian says he's not worried about the lower rating.

"The same day that Moody's lowered us one point Standard and Poor's re-affirmed our previous high rating," Avedesian said. "So we're still the highest rated bond of any city in the state and we think this is more reflective of the economy than anything else."

Warwick's new bond rating is still investment grade.

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