Moody's revises Providence, Rhode Island's outlook to stable
Sept 25 (Reuters) - Moody's Investors Service late on Tuesday said it revised Providence, Rhode Island's outlook to stable from negative, citing recent progress toward a structural balance.
"The stable outlook reflects the recent progress toward obtaining structural balance including a projected reduction of its negative reserve position and the adoption of a structurally balanced budget in fiscal 2014," the rating agency said in a statement.
Moody's said the outlook revision also reflects the city's agreements with retirees and bargaining groups over changes to health benefits which have led to important expenditure cuts.
In addition, Moody's affirmed Providence's Baa1 general obligation bond rating, affecting about $118 million of debt.
The rating agency also affirmed the Baa2 rating on $361 million of lease appropriation revenue bonds issued through the Providence Public Buildings Authority for school projects through the Rhode Island Health and Education Building Corp.
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