Fitch Rates Cranston, RI Series 2010 GOs ‘A’; Outlook Revised to Negative

Fitch Ratings assigns an ‘A’ rating to the following City of Cranston, RI’s general obligation (GO) bonds.

–$3 million 2010 series A GOs.

The bonds are expected to sell via negotiation on June 30, 2010.

In addition, Fitch affirms the following ratings.

–Approximately $4.8 million series 2000 GOs at ‘A’;

–Approximately $21 million series 2005 GOs at ‘A’;

–Approximately $20.4 million series 2006 GOs at ‘A’.

The Rating Outlook is revised to Negative from Stable.

RATING RATIONALE.

–The Negative Outlook reflects the city’s reduced financial flexibility reflected in lower unreserved general fund balance levels and a departure from fully funding the pension annually required contribution

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