The dominoes continue to fall in Rhode Island as Moody’s Investors Service downgraded East Providence to Baa1 from A1, while on the same day it lowered to A2 from Aa3 the Rhode Island Health and Educational Building Corp.’s revenue bond financing program.
The announcements came Thursday. The outlook for both is negative.
Since Central Falls filed for bankruptcy protection on Aug. 1, Moody’s has lowered West Warwick’s rating on $27 million of general obligation unlimited-tax debt to Baa1 from A1, and placed bonds issued by the conduit agency the Rhode Island Health and Educational Building Corp. on review for a possible downgrade.
On Friday, Moody’s lowered Rhode Island Health and Educational Building Corp.’s public schools revenue financing program revenue bonds to A2 from Aa3, with a negative outlook.