Moody's Investors Service has upgraded East Providence's general obligation rating from Ba1 to Baa3.
The rating, affecting about $21 million in outstanding parity debt, reflects a positive outlook for the city's finances, according to a release from the service today.
Moodys reports that under the direction of the state in the form of the recently disbanded Budget Commission's 5-year-plan, the city has increased its reserve levels, improved its cash flow position, and implemented policies to ensure fiscal stability moving forward.
Gov. Lincoln Chafee congratulated the city on its financial progress. "All of the difficult decisions by the Budget Commission and City officials have been recognized by the national rating agency. This is another example of the good work that has been done with the help and support of the State under the Fiscal Stability Act.," Chafee said in a statement released to media this afternoon.
The progress, Chafee said, would not have been achieved without the partnership of the City and the Commission. "Rhode Island is grateful to the Commission members (Michael O'Keefe, Diane Brennan, Steve Bannon, Council President and Mayor James Briden, and City Manager Peter Grazykowski), City staff, and Director Gallogly and the Department of Revenue staff members for all their dedication and determination to ensure a successful outcome," Chafee said.