WOONSOCKET – Mayor Lisa Baldelli-Hunt has announced that Fitch Ratings has upgraded the city of Woonsocket’s General Obligation Bond Rating to “A+” from the previous investment grade “A” rating, and has upgraded the city’s Issuer Default Rating to “A-“ from the previous investment grade “BBB+.” Fitch has also maintained a “Stable” rating outlook for the city. The City’s GO Bond Rating from Fitch is now 10 steps higher than it was in 2014.
Baldelli-Hunt emphasized that though the city has investment grade bond ratings from both Fitch Ratings and Moody’s Investor Services there are no plans to issue any new GO debt. The city has instead paid down since 2013 approximately $67 million of existing General Obligation debt.
The Fitch report cited the city for a significantly improved financial profile over the past decade with positive operating margins, proactive expenditure control, improved liquidity levels and tax base growth.