Another rating service upgrades Cranston's bond rating
CRANSTON, R.I. Another rating agency has upgraded the city of Cranston's bond rating. Standard and Poor's raised the city's bond status to BBB-Negative, along with a change in outlook from stable to positive. The agency says it upgraded Cranston's bond status because the city has a balanced budget, an experienced financial management team and growing reserves.
The upgrade follows similar action by the rating agency Moody's in late January. That service raised the city's outstanding general obligation bond rating to B-a-a-three with a positive outlook.
Mayor Stephen Laffey says the upgrade means his city has achieved its goal of reaching investment grade by all major rating services.
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