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Report: Narragansett Economy 'Very Strong'

Standard & Poor’s this month raised the town's bond rating.

Narragansett Town Hall. File photo
Narragansett Town Hall. File photo
Narragansett has a "very strong economy," leading Standard & Poor's to upgrade the town's bond rating to "AA" from "AA-".

"The rating reflects our view of the town's very strong economy and strong budgetary flexibility," said Standard & Poor's credit analyst Victor Medeiros, according to ResearchandMarkets.com

Financial challenges facing the town include its increasing pension and post-employment benefit liabilities, according to Standard and Poor's.

"The stable outlook reflects our view of the town's consistent financial performance," Medeiros said.

gansett proud March 04, 2014 at 06:17 PM
Narragansett owes their pension system over $15,000,000 since it quit paying it's share in 2002. The benefits were too generous? Not really, employees and now retirees gave up raises and other benefits. Now they want the people who paid for the benefits to give them back! Councils and Town Managers don't want to tell the truth about what they did and continue to do. What a sham. If these ratings firms took into account these deceptive accounting practices, the bond rating would not be so high. Time for the Town to honor their contracts or face the reality of lower ratings for not honoring their commitments. Yes, pension and OPEB are issues created by the Town, not the employees who paid every penny required. They need to put politics aside and fund what they have committed to for more than 30 years.

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