Moody’s Affirms Warwick A1 Rating, Removes Negative Outlook

WARWICK, RI —Mayor Scott Avedisian announced Friday that Moody’s Investors Service has affirmed Warwick’s A1 rating general obligation debt (GO) and removed the negative outlook.

In its assessment, Moody’s cites a number of positive factors for the City, including a trend of operating surpluses and material growth reserves and liquidity, material reduction of pension and other post-employment benefits (OPEB) liabilities and significant expansion of the City’s taxable base, Avedisian’s office reported.

“The removal of the negative outlook reflects our expectation that Warwick’s financial position will continue to stabilize at levels sufficient for the rating category. The removal of the (negative) outlook further reflects our belief that the city’s long-term liabilities will remain elevated, but manageable in the near term as indicated by the city’s currently average fixed costs,” the report states.

Moody’s estimated the City’s outstanding debt at $55.9 million.

 “I am pleased that Moody’s has determined that the City of Warwick’s economy is robust and growing, our budgetary practices are sound, and that our future outlook is bright. I am proud of the hard work of our City’s finance team, who has helped to ensure Warwick’s continued fiscal health,” Avedisian said.