Providence’s Bond Rating Downgraded Again

The financial situation in Providence looks even gloomier. The city's rating has been downgraded again. The rating company Moody's lowered the city's rating from 'A3' to ‘Baa1'.

That's just two steps above junk bond status. The firm calls the city's outlook “negative”, citing diminishing income and a 20-milliion dollar budget gap.

We will have more on this story and it's impact coming up later today on ABC 6 news at five and six.