S&P revises Providence, R.I. outlook to stable from negative

Sept 11 Wed Sep 11, 2013 5:17pm EDT

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Sept 11 (Reuters) - Standard & Poor's Ratings Services on Wednesday revised its outlook on Providence, Rhode Islands's general obligation debt to stable from negative.

The outlook revision to stable is due to the stabilization of the city's financial position after years of fiscal imbalance, as well as a projected fiscal 2013 budgetary surplus, S&P said.

At the same time, S&P affirmed Providence's general obligation rating at triple-B.

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