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Fitch Ratings, Moody's Investors Service, S&P Global affirm ratings and stable outlook in advance of $135 million General Obligation Bond Sale
General Treasurer Seth Magaziner today announced that Moody's Investors Services, Fitch Ratings, and S&P Global have completed their reviews of Rhode Island's $135 million Capital Development General Obligation (GO) Bonds and have affirmed the state's 'Aa2,' 'AA,' and 'AA' ratings, respectively. Each of the agencies has a 'stable' rating outlook.
"These strong ratings ensure a lower cost of borrowing for important job-creating projects and reaffirm the strong financial management that is contributing to our state's economic growth," said General Treasurer Seth Magaziner. "By investing in our infrastructure, we're generating economic activity, creating local jobs, and making Rhode Island more competitive in the regional and global market."
The bonds will be competitively sold on Wednesday, October 6, 2021. Proceeds will be used for various capital projects including educational facilities, affordable housing, public transit and highway improvements, environmental projects, and other initiatives approved by Rhode Island voters.
The rating agencies' reports highlight the state's prudent financial management practices, including moderating liabilities, multi-year financial planning, consensus revenue forecasting, and consistent maintenance of reserves resulting in positive general fund balances.
Fitch Ratings also discusses how the state's institutionalized budget management practices, including budgets that spend only 97% of forecast revenue, substantial spending control, and a rainy-day account routinely maintained at 5%, have positioned Rhode Island well to withstand economic and fiscal instability, including the lingering effects of the COVID-19 pandemic.