A national credit rating agency upgrades Providence's credit outlook from stable to positive

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PROVIDENCE, Rhode Island — A national credit ratings agency has improved the city of Providence's credit outlook from stable to positive.

The mayor's office said Friday that Standard & Poor's made the change because of the capital city's recent strong budgetary performance and improving general fund balance.

Mayor Angel Taveras said, "Providence is on the way back."

The city's credit is rated at "BBB," which means it has adequate capacity to meet financial commitments, but is more subject to adverse economic conditions than the three higher ratings.

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