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Moody's Assigns Aa2 Rating to NK Bonds

The rating action is the result of the town's "strong financial position," Moody's said.

Some good financial news for North Kingstown.

Moody's Investor Service has assigned an Aa2 rating to $4 million of North Kingstown's general obligation bonds and affirmed the Aa2 rating on the town's $49.6 million general obligation debt.

Moody's announced the ratings action on Friday and said it's the result of the town's "strong financial position, bolstered by formal policies, historically conservative budgeting practices, stable tax base, manageable debt position and higher than average pension liability."

Moody's indicates the town's strengths are its large tax base with "strong wealth levels" — a reference to its coastal properties, and "strong financial reserves."

But the town has financial challenges, such as ongoing contract negotiations with public safety employees, which could tip the scales; stagnating state aid and a higher than average pension liability.

The ratings could go up in the future if the town continues to build its operating fund reserves and improvements in the overall wealth of the town's residents. 

Moody's warned the town's bond ratings could decrease if the town taps into its financial reserves and if debt and pension liabilities experience "significant increases."

Crystal Ball April 02, 2014 at 09:00 AM
Moody's indicates the town's strengths are its large tax base with "strong wealth levels" — a reference to its coastal properties, and "strong financial reserves." The town council paid for electricity for a business for more than two years and failed to receive the required rent.... They paid 500K to move a couple of network servers a mile down the road.... Doesn't sound like "sound consistent management to me'! The unemployment rate for North Kingstown is below the national average and nearly 3 points below the state average. Sorry to let facts get in the way of your allegiance to the republicans and town manager !
Dark star April 02, 2014 at 01:27 PM
Your dislike of our fiscally sound team resonates and it is apparent you are looking for things to complain about…..picking nits, as it were.
Dark star April 02, 2014 at 01:28 PM
and btw, am I conservative? yes……republican, no.
Crystal Ball April 02, 2014 at 01:47 PM
Paying 500K to move a couple of network servers a mile down the road is nuts.... Not putting it out to bid ! Not collecting rent for several years while paying for their electrical bill ! Conservative? The TC is a tax and spend council !!!
Dark star April 02, 2014 at 02:13 PM
You are over simplifying the relocation and establishment of a new server location. You make it sound like you could have hauled them in rear of your minivan. That is disingenuous to do that. You know as well as I it takes a lot of prep work to make a room or building "server friendly". It is apparent you have an axe to grind and that's fine. In my mind, you have a legitimate bitch about Pellys and no need to over simplify or exaggerate that questionable action.

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