July 10 Fitch Ratings revised its outlook on
Woonsocket, Rhode Island, to stable from negative on Wednesday,
citing the distressed city's progress in implementing a
five-year deficit reduction plan under state oversight.
The credit ratings agency affirmed its B rating on
Woonsocket's $115 million of outstanding general obligation
bonds. The revised outlook is based on the city winning
concessions from five of seven labor unions in recent contract
negotiations, as well the state legislature's approval of a
supplemental tax levy that will yield an estimated $2.5 million,
On Tuesday, Moody's Investors Service confirmed its B3
rating on the city. Moody's outlook on Woonsocket remains
negative as high fixed costs and an imbalance in school
operations have led to an accumulated deficit.