Cranston, R.I., bond rating climbs out of pits.

Providence Journal (Providence, RI) | January 20, 2005 | Copyright

Byline: Daniel Barbarisi

Jan. 20--CRANSTON, R.I. -- Marking a rapid turnaround for a community that has been in the nation's financial cellar for two years, Fitch Ratings has upped its bond rating for Cranston from junk status to investment grade, and city officials say they expect the other two major rating agencies to swiftly follow suit.

Mayor Stephen P. Laffey, in a news conference alongside several City Council members, said yesterday that Cranston can now launch capital projects, pave the roads and stop obsessing about building a surplus.

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