September 3, 2013 / 8:17 PM / in 4 years

Moody's cuts West Warwick, R.I. GOs to Baa2

Sept 3 (Reuters) - Moody’s Investors Service on Tuesday downgraded West Warwick, Rhode Island’s general obligation rating to Baa2 from Baa1, and said the outlook remains negative.

The downgrade is due to the town’s “significant underfunding of annual pension contributions and an accumulated deficit in the school fund,” Moody’s said.

The outlook remains negative because Moody’s expects the town to struggle to make full pension contributions, the rating service said.

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