FITCH CONTINUES TO SEE A “POSITIVE” FINANCIAL OUTLOOK FOR WOONSOCKET AS IT AFFIRMS INVESTMENT GRADE “A” BOND RATING 

November 26, 2019 
 
 Contact:  Christine Chamberland, Director of Finance      cchamberland@woonsocketri.org; 401-767-9265 
 
FITCH CONTINUES TO SEE A “POSITIVE” FINANCIAL OUTLOOK FOR WOONSOCKET AS IT AFFIRMS INVESTMENT GRADE “A” BOND RATING 
 
WOONSOCKET, R.I.:  Mayor Lisa Baldelli-Hunt announced today that Fitch Ratings has affirmed the City of Woonsocket’s Investment Grade “A” bond rating and has continued to assign the City a “Positive Outlook” for its future financial trends and fiscal stability. Fitch indicated that the City’s “A” bond rating and “Positive Outlook” reflected a much improved fiscal position following a history of considerably strained financial operations, budget deficits and negative fund balances.  Fitch particularly noted Woonsocket’s positive operating margins, strengthened reserves, improved liquidity and tax base growth. 
 
“Our Investment Grade “A” Bond Rating from Fitch illustrates the progress that Woonsocket has made in getting the City’s financial house in order and our “Positive” rating outlook from Fitch indicates that they believe that we are now on the right track to achieve even more future fiscal success,” exclaimed Mayor Baldelli-Hunt.  The Mayor added, “A high bond rating and “Positive” outlook from Fitch sends out a broad, powerful promotional message that Woonsocket is a fiscally sound and attractive place to live, work and operate and grow a business.” 
 
Director of Finance, Christine Chamberland expressed satisfaction with the Fitch investment grade, “A” bond rating affirmation and stated, “We have dedicated a lot of hard work in a short period of time to improve our financial structure, and it is gratifying to be recognized as such by a major rating agency like Fitch.” 
 
Fitch cited Woonsocket’s “high level” of budget flexibility, spending control, and revenue raising capacity through growth.  Fitch also commented on the City now addressing capital needs that previously had been deferred