JOHNSTON, R.I. -- Citing stronger financial performance and progress in the town's efforts to considerably reduce unfunded liabilities, Standard & Poor's upgraded Johnston's bond rating Tuesday from a grade of A- to A.
The rating agency observed strong household income, a record of surpluses in the town's general operating fund, and "good financial management policies" in an announcement welcomed by Mayor Joseph M. Polisena.
"I was very pleased," he said. "Every day the council and myself are working to keep things together...It's always a work in progress but we're working diligently."
The rating agency also highlighted that unemployment in Johnston is above national averages and despite recent progress, the town remains burdened by high liabilities related to unfunded obligations for pensions and post-employment liabilities.