North Providence gets an 'A' grade

North Providence gets an 'A' grade

NORTH PROVIDENCE - Mayor Charles Lombardi had long struggled to believe this day would come. When the call finally came, he told The Breeze, "I couldn't even speak."

Seven years after Lombardi came into office to a credit rating one grade above "junk" status, representatives from Standard & Poor's Rating Services announced this week that they have increased the town's bond rating from "BBB+" to "A," a strong indicator of the community's improving fiscal health.

The rating upgrade was attributed to strong cash levels and a "significantly improved" police pension fund, which received an infusion of $20.6 million this year from a settlement with Google. Repeated budget surpluses were also cited as a factor.

Standard & Poor's is one of three major rating agencies.