Fitch assigns Providence 'positive' outlook, affirms A- bond rating

Fitch Ratings has affirmed an A- rating for Providence’s general obligation bonds and upgraded the city’s outlook from stable to positive. Mayor Jorge O. Elorza, who announced the news Tuesday, said it’s the first time in more than eight years that Providence earned a “positive” designation from Fitch. In a news release, he said the upgraded ratings review “reflects our work to truly address the fiscal challenges facing our city.” In a rating action commentary posted Friday, Fitch…