Updated May 27 at 7:27pm

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S&P raises North Providence bonds

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BOSTON – Standard & Poor’s Ratings Services has raised its long-term rating on North Providence’s general obligation bonds to BBB+ from BBB-, according to a press release from the ratings agency.

“The upgrade reflects improvements in the town’s financial position and significantly improved pension funding levels after a windfall settlement,” said Standard & Poor Credit Analyst Henry Henderson.

The upgraded rating also reflects the good income, relatively strong property wealth levels and low debt burden, Henderson said.

S&P said North Providence’s strengths are somewhat offset by its weaknesses, which include a history of weak financial performance, significant tax base decline in 2012 and a high unemployment rate, which could negatively affect property tax collections.

Standard & Poor’s Ratings Services, North Providence’s general obligation bonds to BBB+ from BBB

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