CENTRAL FALLS, R.I. (AP) — A second bond rating agency has upgraded Central Falls’ credit rating and improved its outlook less than a month after Rhode Island’s smallest city emerged from municipal bankruptcy.
Gov. Lincoln Chafee (CHAY'-fee) said Friday that Standard & Poor’s upgraded its rating to BB from C and revised its outlook to stable from developing.
Central Falls, which was taken over by the state in 2010, officially exited bankruptcy last month. Moody’s Investor Services upgraded Central Falls’ bond rating from Caa1 to B2 and revised its outlook to ‘‘positive’’ a day after the exit.
Chafee says the hard financial decisions made by a state-appointed receiver in Central Falls, including layoffs and pension cuts, are paying off and that the city has a brighter future.