Providence financial outlook still challenging

ABC6 News

By: News Staff

news@abc6.com

Providence, R.I. — The financial outlook for Rhode Island’s capital city is still challenging.

Credit rating agency “Moody’s” is keeping Providence’s rating unchanged saying it reflects the city’s continued financial challenges such as limited reserves and rising pension costs.

Moody’s cut Providence’s financial outlook last year after the city faced a five-million dollar shortfall.

The mayor’s administration says the city ended this past fiscal year with a 6.3 million surplus.

©WLNE-TV / ABC6

Related