Moody's Investors Service upgraded North Providence, R.I.'s general obligation bond rating to A3 from Baa1, affecting $25.4 million in outstanding debt.
The upgrade, the second from Moody's in 10 months, "reflects the town's improving financial position characterized by four consecutive years of surplus operations through fiscal 2013 and a recently reduced local pension liability due to wind-fall revenues received from a federal Google settlement," Moody's said on Jan. 30.
North Providence and East Providence received $60 million apiece in April 2012 after assisting a federal investigation into online ads that Google distributed for Canadian pharmacies that were illegally marketing prescription drugs to Americans.
Both cities assisted in the U.S. Department of Justice investigation.
