Muni Finances Are a Mess But a Once-Junk City Just Got Upgraded
- East Providence, R.I. built reserves and developed waterfront
- Rhode Island city has rebounded from state oversight
East Providence, Rhode Island.
Source: City of East ProvidenceThis article is for subscribers only.
States and municipalities are facing gloomy financial prospects, but at least one city has something to celebrate.
East Providence, Rhode Island, neighboring the state capital, had its credit rating raised last week by Moody’s Investors Service to A1, its fifth-highest investment grade. The city of 47,500 has recorded almost a decade of budget surpluses and is benefiting from residential and commercial development along the Providence River. The former site of an oil tank farm is now home to apartments, condos and a $15 million medical office building.