The bond rating for the city of Providence has been upgraded to A-minus by Fitch Ratings on its outstanding general obligation bonds.
It's the highest rating level since the city nearly went bankrupt in 2011.
Mayor Jorge Elorza says it is recognition that the city is headed in the right direction financially, having dealt not only with the pandemic but also structural deficiencies in the budgeting process.
Fitch says revenue growth and controlled spending has contributed to surplus results for six consecutive fiscal years.
(Photo by Chip Somodevilla/Getty Images)
Photo: Getty Images