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Archive - May 26, 2012 - News Article

City's bond rating downgraded -- again

May 26, 2012

WOONSOCKET – Citing continued erosion of the school department’s finances, Moody’s Investor Service downgraded the city’s bond rating from Ba2 to B2 Thursday, three notches deeper into junk territory.
Moody’s said the city remains on watch for further downgrades. Meanwhile, Fitch Ratings, which already pegs the city’s bond rating at a junk-level BB-, is scheduled to reevaluate the assessment next week and could follow Moody’s lead, said Finance Director Thomas M. Bruce III.

State intervention imminent, city's path murky

May 26, 2012

WOONSOCKET – After an eleventh-hour parliamentary maneuver in the House killed his supplementary tax plan, Mayor Leo T. Fontaine said it’s inevitable that a state budget commission will take over the city’s finances, injecting more uncertainty than ever into the city’s financial picture.

Landmark surpasses final hurdle to sale

May 26, 2012

WOONSOCKET — 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.

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