Summary: Providence, Rhode Island Providence Public Building Authority; Appropriations; General Obligation; Moral Obligation

S&P Global Ratings' rating on Providence, R.I.'s general obligation (GO) debt outstanding is 'BBB+'. In addition, our rating on the Providence Public Building Authority (PPBA)'s lease-revenue debt outstanding is 'BBB', and our rating on the city's moral obligation debt outstanding is 'BB+'. The outlook is stable. Providence's full-faith credit pledge secures the GO bonds. The rating on the PPBA's lease-revenue bonds reflects the annual appropriation structure of the lease. The revenue bonds are special obligations of the PPBA, secured by lease payments from the city. The city's obligation to pay base rentals is subject to annual appropriation, with the rating reflecting the appropriation risk. The rating on the city's moral obligation debt is based on the moral obligation pledge made

...Most recent Historical information 2022 2021 2020 Adequate economy Projected per capita EBI % of U.S. 74 Market value per capita ($) 61,889 Population 181,471 180,107 County unemployment rate (%) 3.8 6.0 10.0 Market value ($000) 14,940,639 11,590,685 11,251,311 13,620,614 Ten largest taxpayers % of taxable value 11.3 Adequate budgetary performance Operating fund result % of expenditures 1.7 1.2 2.2 Total governmental fund result % of expenditures -0.1 4.2 -0.2 Very weak budgetary flexibility Available reserves % of operating expenditures 3.6 3.7 3.4 Total available reserves ($000) 29,645 28,818 25,141 Very strong liquidity Total government cash % of governmental fund expenditures 53 49 27 Total government cash % of governmental fund debt service 725 766 370 Adequate management Financial Management Assessment Standard Very weak debt & long-term liabilities Debt service % of governmental fund expenditures 7.1 6.5 7.4 Net direct debt % of governmental fund revenue 55 Overall net debt % of...

Summary