By Rhonda Miller
PBN Staff Writer
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.