NORTH PROVIDENCE - The latest bond rating upgrade for this town is a big one, says Mayor Charles Lombardi, and will hopefully open the door to more savings for local taxpayers.
Standard & Poor's Ratings Services officially announced Monday that North Providence's longer-term rating on its general obligation bonds was raised two notches, from "BBB-" to "BBB+" reflecting the town's improved financial position and last year's $60 million windfall from a settlement with Google. The town's outlook remains stable.
While a bond rating upgrade would typically make borrowing new money more affordable with lower interest rates, said Lombardi, he's not looking to borrow any more money right now.
"It's always great to have your bond rating increase to show that you're in sound fiscal shape, but where this will help us, hopefully, is the notes that we have outstanding, we'll be able to re-issue those bonds for the same amount of money and save considerably on the interest," said Lombardi.
