NEW: S&P Downgrades Providence's Credit Rating

NEW: S&P Downgrades Providence's Credit Rating

Standard & Poor's today dealt another blow the to the city of Providence, downgrading its credit rating one notch from BBB+ to BBB.

S&P's report credited Mayor Angel Taveras with taking steps to solve Providence's fiscal woes, but noted the "city’s budget remains structurally imbalanced."

S&P became the third ratings agency to downgrade the city's credit since March.

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