S&P gives city ’stable outlook’ on AA- bond rating

Posted 7/24/14

Mayor Scott Avedisian has announced that Standard & Poor’s Rating Services has affirmed the city of Warwick’s AA- bond rating, with a stable outlook.

In its assessment, Standard & Poor’s …

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S&P gives city ’stable outlook’ on AA- bond rating

Posted

Mayor Scott Avedisian has announced that Standard & Poor’s Rating Services has affirmed the city of Warwick’s AA- bond rating, with a stable outlook.

In its assessment, Standard & Poor’s cites a number of positive factors for the city, including a strong and diverse economy, its role as home to T.F. Green Airport and the InterLink intermodal station, budgetary flexibility with available reserves of 5.7 percent of general fund expenditures in FY13.

It also made note of the city’s “strong budgetary performance with consistent operating results in the general and total government funds … very strong liquidity … and strong budgetary performance…”

“I am pleased that Standard & Poor’s has determined that the city of Warwick’s economy is robust and growing, our budgetary practices are sound, and that our future outlook is bright. I am proud of the hard work of our city’s finance team, who has helped to ensure Warwick’s continued fiscal health,” Avedisian said in a statement.

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  • markyc

    It can't be good with the recent draw down on City reserves for the FY 2014 budget year. Many other municipalities rating service reviews generally refer/review pension plans(unfunded liabilities) as well as other post retiree benefits,; however, there is apparently no mention of that in this report.

    Thursday, July 24, 2014 Report this

  • MsMayor

    Moody's has a different outlook......

    Friday, July 25, 2014 Report this