City of Providence Outlook improved as part of Rating Agency Annual Review
November 23, 2021
PROVIDENCE, RI – Mayor Jorge O. Elorza today announced that Fitch Ratings has affirmed the bond rating of the City at “A-” and for the first time in over eight years, assigned a Positive Outlook to the City’s Rating.
“The City is very proud of the results of the recent rating review, which reflects our work to truly address the fiscal challenges facing our city,” said Mayor Jorge O. Elorza. “Since taking office, I have been committed to going beyond maintaining the status quo and actively working to improve the City’s finances for the next administration, our residents, and future generations. I am proud that Fitch has recognized the hard work of our team to make significant strides in improving the financial standing of our City.”
The Positive Outlook reflects ongoing improvements and stability in City Finances. Fitch noted that “the Revision of the Outlook to Positive reflects recent revenue growth trends and expenditure controls, which have contributed to surplus results over the last four fiscal years and elimination of Providence’s negative general fund balance earlier than planned.”
Among the strengths noted in the Fitch report are the City’s role as the state capital and economic center, the presence of both educational and health care institutions within the city, robust development accomplishments, and pipeline and tax base growth.