East Providence, R.I., has received another multi-notch downgrade, this time from Standard & Poor’s, which lowered the city’s long-term general obligation rating three levels to a junk-status BB-plus from BBB-plus.

The rating agency also placed East Providence on credit watch with developing implications. It cited the inability of the city, which has about 49,000 residents, to sell its intended amount of cash-flow notes.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.