Bond Rating Picture Brightens for Johnston

Following the recent news that Standard & Poors had improved the Town of Johnston's bond rating from A- to A, Mayor Joseph Polisena said he's pleased with the decision.

During an interview at Johnston Town Hall on May 23, Polisena also discussed his hopes for the result of a visit by Moody's Investment Service, which downgraded the town's rating last August from A2 to A3.

On Thursday afternoon, Moody's maintained the A3 rating, but upgraded the town's outlook from "negative" to stable."

Moody's based its downgrade last summer on the town's pension costs, which have fallen because of recent changes made by town officials — and which could lessen further with changes that Polisena has proposed to the local unions, including a 20-year freeze of Cost of Living Adjustments, or COLAs, for retirees.