City bond rating now at “investment grade”

City bond rating now at “investment grade”

WOONSOCKET – Moody’s Investors Service has upgraded the city of Woonsocket’s general obligation bond rating three levels to “Baa3” from “Ba3” and has rated the city as having a “stable” outlook.

It is the first time since 2010 the service has rated the city at an “investment grade” level. In a report released Nov. 2, the company cited multiple years of positive operating performance and the city’s adherence to multi-year financial planning as reasons for the enhanced bond rating, which is seven steps higher than it was in 2013, when the city was at a B3 “junk” status.

In a statement on the rating improvement, Mayor Lisa Baldelli-Hunt praised the efforts of City Finance Director Chris Chamberland and Education Department Finance Director Brad Peryea. “I am proud of what we have accomplished financially over the past four years, and pleased that the ratings agencies have consistently recognized our efforts,” she said. “I want to thank our taxpayers and city employees for helping our city through our tough times, and I would like them to know that I firmly believe that Woonsocket’s best days are ahead of us.