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Chafee applauds East Providence bond rating change

Chafee applauds East Providence bond rating change

EAST PROVIDENCE, R.I. (AP) — Rhode Island's governor says a recent change to East Providence's bond rating shows the once fiscally troubled city is on the upswing.

Democratic Gov. Lincoln Chafee announced Wednesday that Standard & Poor's Ratings Services has raised the city's rating from BB+ to A.

The move comes after a state Budget Commission recently relinquished control of city finances back to locally elected officials. The state intervened when the city of 47,000 faced a cash-flow problem that threatened its payroll and payments to city vendors.

Chafee says the commission and city leaders made significant progress in stabilizing the city's finances.

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