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Moody's finance rating not good for RI
Pension problems contribute to poor rating
Updated: Monday, 19 Dec 2011, 12:29 PM EST
Published : Monday, 19 Dec 2011, 12:28 PM EST
PROVIDENCE, R.I. (AP) - A financial-rating agency is predicting a tough year for Rhode Island's cities and towns.
In a special report, Moody's Investors Service says the state's municipal governments are experiencing economic weakness, revenue stagnation and pension expense growth that are more acute than the problems facing most other states. It said it expects "a continuing trend of downgrade activity" in 2012.
- Nesi's Notes: More on Moody's report
The report detailed by The Providence Journal says the strains on local cities and towns were reflected in drops in bond ratings for a number of communities in 2011.
Moody's cites a number of reasons for the stress on Rhode Island municipalities, including the underfunded pension plans , amongst other factors.
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