Moody's upgrades formerly bankrupt Central Falls, R.I.

July 18 Thu Jul 18, 2013 5:21pm EDT

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July 18 (Reuters) - Moody's Investors Service on Thursday upgraded its credit rating on the formerly bankrupt Rhode Island city of Central Falls to B1 from B2, citing its successful emergence from bankruptcy and transition back to local political control.

Moody's outlook on the tiny city is also positive, reflecting the credit rating agency's belief that Central Falls will maintain its structural balance and keep making its full annual pension contributions.

The rating action affects $13.7 million in outstanding genearl obligation debt.

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