Archive - May 26, 2012 - News Article
WOONSOCKET â€“ Citing continued erosion of the school departmentâ€™s finances, Moodyâ€™s Investor Service downgraded the cityâ€™s bond rating from Ba2 to B2 Thursday, three notches deeper into junk territory.
Moodyâ€™s said the city remains on watch for further downgrades. Meanwhile, Fitch Ratings, which already pegs the cityâ€™s bond rating at a junk-level BB-, is scheduled to reevaluate the assessment next week and could follow Moodyâ€™s lead, said Finance Director Thomas M. Bruce III.
WOONSOCKET â€“ After an eleventh-hour parliamentary maneuver in the House killed his supplementary tax plan, Mayor Leo T. Fontaine said itâ€™s inevitable that a state budget commission will take over the cityâ€™s finances, injecting more uncertainty than ever into the cityâ€™s financial picture.
WOONSOCKET â€” Three days after the Rhode Island Department of Health gave its blessing, state Attorney General Peter F. Kilmartin Friday announced he has approved - with conditions - the proposed sale of financially-troubled Landmark Medical Center and Rehabilitation Hospital of Rhode Island to Steward Health Care System, a for-profit Massachusetts hospital group.
Kilmartin's decision, which finally paves the way for the sale, came just days after State Health Director Michael Fine announced his decision to approve the deal, under which Landmark would become a for-profit hospital.