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Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced that Fitch Ratings has upgraded the state’s Long-Term Issue Default Rating (IDR) to ‘AA+’ from ‘AA’ and issued a ‘stable’ rating outlook. Fitch has also assigned a ‘AA+’s rating to $273.63 million of general obligation (GO) bonds.

The ratings were announced the day prior to Treasurer Diossa hosting the State of Rhode Island’s second Investor Conference at the Omni Providence Hotel. The one-day conference welcomed over 100 investors to the state and highlighted the numerous opportunities for bond investments in advance of the June 9, 2025 sale of general obligation (GO) bonds.

“Our second investor conference highlighted Rhode Island’s strength as a driver of economic growth and fiscal stability,” said General Treasurer, James Diossa. “From housing and clean energy to infrastructure and community investment, Rhode Island continues to be a smart and reliable destination for capital through GO bonds. As Treasurer, I’m dedicated to building public trust in our bonds, which have consistently delivered safe, stable, and long-term financial returns.”

Individuals in attendance included institutional investors, bankers, financial advisors, credit rating analysts, and representatives from bond investment firms. Attendees heard directly from State leaders, budget and investment officials, and State agency employees on investing in the Ocean State, upcoming projects, and progress made in strengthening Rhode Island’s economy.

Governor Daniel J. McKee, Senate President Valarie Lawson, and Speaker K. Joseph Shekarchi and Dylan Zelazo, Executive Director of Rhode Island Health and Educational Building Corporation (RIHEBC) offered welcoming remarks to attendees, encouraging them to invest in our state.

“We’re sending a clear message to investors and employers: Rhode Island is serious about growth, with a competitive tax climate, a ready workforce, and historic investments in infrastructure,” said Governor Dan McKee.

President of the Senate Valarie J. Lawson said, “I am grateful to General Treasurer Diossa for hosting the state’s second Investor Conference, which provides an important opportunity to recognize and showcase Rhode Island’s strong fiscal foundation. Thanks to meaningful investments in critical areas and a responsible, forward-thinking approach on the part of state leadership, Rhode Island is set up for a bright and prosperous future. Thank you to everyone who continues to invest in Rhode Island and its people.”

“The state budget is the most important responsibility of Rhode Island’s House of Representatives, and I am very proud that our diligent oversight has been cited as a reason our state has excellent ratings from the top three credit rating agencies’ said Speaker K. Joseph Shekarchi. “With unprecedented investments in housing and innovation, our economy is growing. I am bullish on Rhode Island’s economic outlook, and I am confident that investors will agree. Thank you to Treasurer James Diossa and his team for assembling this dynamic conference.”

“RIHEBC is proud to participate in Treasurer Diossa’s investor conference,” said Dylan M. Zelazo, Executive Director of the Rhode Island Health and Educational Building Corporation (RIHEBC). “Together, we are working to build Rhode Island’s future. Sustainable, fiscally responsible investment is happening throughout the state, and the work of Governor McKee, the Rhode Island General Assembly, and Treasurer Diossa is making Rhode Island an even better place to invest.”

Additionally, a panel discussion with Senator Jack Reed, Senator Sheldon Whitehouse, and Congressman Seth Magaziner, discussed Rhode Island’s economy and infrastructure.

“Rhode Island has built a diverse economy anchored by defense, clean energy, the blue economy, and other resilient industries. I’m proud to advocate for and deliver strong infrastructure investments across the Ocean State that help strengthen our business ecosystem, attract new investors, and make our state a better place to live and work,” said Senator Jack Reed. “I was pleased to join my colleagues today to discuss our work to drive consistent economic growth in Rhode Island.”

“From our Blue Economy to our world-class universities and talent, Rhode Island punches far above its weight in so many areas,” said Senator Sheldon Whitehouse. “I was glad to join Treasurer Diossa and state leaders to highlight the Ocean State’s big investment potential.”

“I commend Treasurer Diossa for organizing today’s events and delivering a strong message that Rhode Island is a good investment.” said Congressman Seth Magaziner. “I am proud to work with my colleagues in the congressional delegation to deliver resources that help make our economy productive and set the stage for long term growth.”

The following panels were also held throughout the duration of the day, intended to inform the audience of the State’s ongoing initiatives, and an update on State finances.

The conference was cosponsored by the Rhode Island Health and Education Building Corporation, Rhode Island Infrastructure Bank, and Narragansett Bay Commission.

You may learn more about Rhode Island GO bonds here [rhodeislandbonds.com].

General Treasurer Seth Magaziner today released a Final Report, which provides an overview of the Administration’s achievements and progress over the past eight years as Treasurer Magaziner and his team have worked to increase economic opportunity and financial stability for all Rhode Islanders.

“Over the course of my Administration, our office has made significant progress towards our vision of building a stronger, more resilient economy in our state by making historic investments to fix public school buildings, putting Rhode Islanders to work in good-paying jobs on clean energy projects, supporting local small businesses, and growing the State’s pension fund that thousands of Rhode Islanders and their families rely on for retirement security,” said General Treasurer Seth Magaziner. “This final report provides a summary of our achievements over the past eight years in helping Rhode Islanders to become more financially secure and build a stronger economy for our state.”

The final lookback report provides an overview of the performance of many programs and initiatives under Treasurer Magaziner’s leadership over the last eight years including:

• Strengthening performance and providing greater stability for the pension system under Treasurer Magaziner’s “Back to Basics” investment strategy. The funded status of the pension fund grew to 63.9% in Fiscal Year 2021, the highest level since 2008, while the unfunded liability decreased by $408,597,654 – the largest single-year decrease in over a decade. The average annualized investment return during Treasurer Magaziner’s administration was 7.3% between January 2015 and November 2022, considerably outperforming a traditional portfolio of 60% stocks and 40% bonds, which returned 5.0% during the same period.
• Launching the historic investment in Rhode Island’s school buildings developed by the School Building Task Force Magaziner chaired. In just over four years, the program has allocated more than $2.2 billion to repair or replace 202 school buildings in communities across the state, creating 36,000 construction-related jobs and benefitting over 100,000 Rhode Island students annually.
• Returning more than $84 million to over 150,000 people since 2015 through the state’s Unclaimed Property program. Treasurer Magaziner also launched YOUR MONEY, an automated program through which unclaimed property checks are sent to Rhode Islanders, businesses, and non-profits automatically, with no paperwork required with the support of the General Assembly in 2017. Under YOUR MONEY, over 42,000 Rhode Islanders, in every city, town, and zip code, have automatically received their missing money, without filling out any paperwork.
• Putting thousands of Rhode Islanders to work in good-paying jobs on energy efficiency projects through the Rhode Island Infrastructure Bank, which has significantly increased the availability of capital and invested more than $842 million in green infrastructure projects in 34 communities across the state while reducing the state’s carbon footprint, saving Rhode Island communities and taxpayers millions on utility bills and creating over 17,250 jobs.
• Supporting Rhode Island small businesses through BankLOCAL, a program created by Treasurer Magaziner that moved millions of dollars of the State’s cash to local banks and credit unions and has since provided over 450 local small businesses greater access to more than $44 million dollars in capital to help them grow and hire.
• Expanding support for victims and minor witnesses of violent crime through the Crime Victim Compensation Program, which has provided more than $9 million to support 3,121 Rhode Islanders since 2015. Treasurer Magaziner advocated for and helped pass legislation expanding the program to provide enhanced support for victims of domestic violence to relocate to safety away from their abusers and mental health services for children who witness these crimes. 1,043 people, primarily victims of domestic violence, have since been provided with emergency relocation funding to escape unsafe, life-threatening living situations.
• Building CollegeBound Saver’s status as one of the highest-rated 529 savings programs in the country, with over $4.4 billion in assets across over 180,000 accounts. Treasurer Magaziner expanded the program to cover the costs associated with apprenticeships and other valuable job training programs for Rhode Islanders at the beginning of their careers or workers considering a career change.

“I’d like to thank all the staff and community partners who have made these achievements possible,” said General Treasurer Seth Magaziner. “Their efforts have made a profound impact on the lives of Rhode Islanders and made our state’s economy stronger and more resilient. I am extremely proud of our work together and more excited than ever for the future of Rhode Island.”

Links

Administration of General Treasurer Seth Magaziner Final Report

General Treasurer Seth Magaziner today celebrated the progress of the historic investment made in Rhode Island schools through a once-in-a-generation plan to repair or replace Rhode Island’s public school buildings that provides enhanced state funding for public school districts. As co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner led the development of the statewide school construction program that was overwhelmingly approved by voters in 2018.

The Fiscal Year 2023 Budget passed by the Rhode Island General Assembly contains $300 million of funding to extend the statewide school construction program, including a $250 million bond proposal for voters to consider on the 2022 ballot.

“This year, more Rhode Island students have been able to attend schools that are safe, warm, dry, and equipped for 21st-century learning than ever before,” said General Treasurer Seth Magaziner. “Despite this progress, this work is far from over. Thankfully, Rhode Islanders understand that investing in our schools and our students is how we build a strong economy for the future, and I encourage voters across the state to continue this historic progress by approving a $250 million school construction bond on Tuesday, November 8.”

Treasurer Magaziner’s statewide school construction program has allocated more than $2.2 billion in funding to date to repair or replace over 200 school buildings across 31 districts in Rhode Island. These schools serve nearly 100,000 students annually and the projects to repair or replace the schools have created more than 36,000 jobs.

School construction projects substantially completed in recent months for the opening of the 2022/23 school year include, but are not limited to:

• Cranston High School West – renovation of the existing main entrance to create secure entry to the school building and replace the fire suppression and fire alarm systems throughout the main high school building, gymnasium, and auditorium totaling $3.5 million.
• Cranston High School East – replacement of windows and partially replace the school’s existing roof totaling $621,083.
• Hugh B. Bain Middle School (Cranston) – two gymnasium buildings at the Cranston school received a $25,964 upgrade of their existing wood sports floors.
• Pell Elementary School (Newport) – the Newport school received a new, $8.4 million, eight-classroom addition.
• Henry J. Winters School and Elizabeth Baldwin Elementary School (Pawtucket) – new construction of two state-of-the-art elementary schools in Pawtucket totaling $234 million.

School construction projects expected to be substantially completed for the 2023/24 school year include, but are not limited to:

• Garden City Elementary School (Cranston) – new construction of a $53 million, 89,000 square foot school that will serve more than 575 students annually upon completion in 2023. The school will include a new secure entry, an addition that will house learning spaces that promote greater teacher-student collaboration.
• Western Hills Middle School (Cranston) – $859,395 was invested to replace 48 ventilators to provide students and teachers with fresh, clean, and appropriately tempered ventilation air.
• Narducci Learning Center (Providence) – $31 million renovation of the Windmill Elementary School in Providence including upgrades that will make the building ADA accessible. Upon its completion, the Narducci Learning Center will provide the Providence Public School Department with the necessary “swing space” that will be vital to the execution of other school construction projects.
• Hope High School (Providence) – a $13.5 million renovation of the auditorium will transform the facility into a state-of-the-art Performing Arts House. Upgrades will also be made to the lobby, cupola, and a new fire protection system will be installed.
• D’Abate Elementary School (Providence) – $21 million renovation of the existing two-story school building and construction of three new additions at the Providence school.
• Frank D. Spaziano Elementary School (Providence) – new construction of a $44 million, three-story, 76,000-square foot school building with the capacity for 684 pre-kindergarten through 5th-grade students.

School construction projects expected to be substantially completed for the 2024/25 school year include, but are not limited to:

• Eden Park Elementary School (Cranston) – $24.5 million renovation includes ADA accessibility upgrades, a new gymnasium, a new library, and expanded learning spaces.
• Classical High School (Providence) – $34 million renovation will include a new media center, renovations to classrooms and administrative spaces as well as improvements to the school’s exterior envelope.

School construction projects expected to be substantially completed for the 2025/26 school year include, but are not limited to:

• Gladstone Elementary School (Cranston) – The new, approximately 105,000 square feet school will be designed for the enrollment of 798 kindergarten through 5th-grade students. The school will include a new secure entry, an addition that will house learning spaces, and an expanded gymnasium and cafeteria.
• William S. Rogers High School (Newport) – The new $98 million, 180,000 square-foot school in Newport will serve approximately 755 students annually and replace the old Rogers High School, which was built in 1957 and its condition made it the worst-rated high school in the 2017 statewide assessment of all 306 public school buildings in Rhode Island.
• Johnston Elementary School and Johnston High School – 86% of Johnston voters approved a $215 million proposal in April 2022 to finance the most extensive modernization of education facilities in the town’s history. School construction projects include the closure and consolidation of four elementary schools into one new state-of-the-art school with a new gymnasium, media center, and science and technology labs to support art, music, science, technology, engineering, arts, and math (STEAM) education. Major renovations will be made to Johnston High School, a new early childhood center will be constructed and new and expanded career and technical training programming will be made available for high school students.