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Rhode Island General Treasurer Seth Magaziner released the following statement regarding the strong AA credit ratings issued by S&P and Fitch, and the Aa2 rating issued by Moody's for the State of Rhode Island. The ratings from all three agencies come in advance of a bond issuance scheduled in April to fund key economic and infrastructure projects recently approved by voters.

"These ratings show that our quick action to stabilize the state's finances during the COVID-19 pandemic and our commitment to strong financial management are paying off. A high credit rating is crucial to Rhode Island's ability to continue to grow the economy. I'm pleased that the ratings agencies have continued to recognize our progress with these strong ratings," said Rhode Island General Treasurer Seth Magaziner.

When reaffirming the state's ratings, the agencies cited Rhode Island's strong financial management and S&P noted that following the global economic downturn due to COVID-19, Rhode Island "has regained a steady financial foothold based on our view of the state's active budget management, strong government framework, and its development of multi-year financial forecasts." S&P also cited Rhode Island's commitment to strong fiscal oversight as an indicator of its success.

Treasurer Magaziner's highest priority as General Treasurer is to support job creation and economic opportunity for all Rhode Islanders. During the pandemic, Treasurer Magaziner secured over $300 million in emergency financing to ensure the state's operations would continue to be funded, managed the state pension fund to an all-time high, and worked with local banks and credit unions to encourage them to provide federal forgivable PPP loans to any eligible Rhode Island small business.

This morning, General Treasurer Seth Magaziner released a statement on the Office of the General Treasurer's 2020 annual report, which provides an overview of the performance of the programs and initiatives of the office over the past year, as Treasurer Magaziner and his team have worked to increase economic opportunity and financial stability for Rhode Islanders.

"The 2020 Office of the General Treasurer Annual Report provides a useful summary of the programs our office offers to help Rhode Island families become more financially secure, and our initiatives to build a stronger economy for Rhode Island.

"In the early days of the COVID-19 crisis we took decisive action to keep the state's finances stable, deliver relief to small businesses and manage the state pension fund to an all-time high. Through it all our office continues to return unclaimed property to its rightful owners, assist victims of violent crime, and support job-creating infrastructure projects."

The 2020 annual report provides an overview of the many programs run by the Treasurer's office during the last year. The report can be viewed here.

General Treasurer Seth Magaziner today kicked off Financial Literacy Month, announcing a series of financial empowerment activities and educational opportunities geared towards building the long-term financial security of Rhode Islanders at every stage of their life.

"Financial literacy is about more than knowing how to balance a checkbook or building your personal budget - it is about empowering every Rhode Islander to make smarter choices to improve their quality of life," said General Treasurer Seth Magaziner. "As General Treasurer, my top priority is providing every Rhode Islander with the tools they need to succeed."

Throughout the month of April, Rhode Island students will have the opportunity to participate in the Office of the General Treasurer's first ever Financial Literacy Challenge and Scavenger Hunt, hosted in partnership with EverFi and CollegeBound Saver. The online quiz consists of 10 questions for students between kindergarten and college that focus on financial literacy and iconic Rhode Island themes. Upon successful completion, students will be entered into a drawing by age group to win the $500 CollegeBound prize. The quiz, guidelines and its terms and conditions are all available online at treasury.ri.gov/fin-lit-month.

Treasurer Magaziner is also partnering with the FDIC to facilitate a webinar on the Impacts of COVID-19 on Insured Account Access in Rhode Island on April 14th for staff from banks, Community Development Financial Institutions (CDFIs), credit unions and community based organizations serving Rhode Island and the South East Massachusetts area. Throughout April, Treasurer Magaziner will join virtual Financial Literacy Fairs hosted by local banking institutions like Bank Newport, Westerly Credit Union and others, providing Rhode Island students resources on financing basics from how to balance a check book to managing personal lines of credit. Additionally, the Treasurer's Office will host its quarterly Financial Empowerment Roundtable, which will virtually convene representatives from government, non-profits, education, businesses, and banking on April 21st to network and share ideas on how to encourage economic growth locally.

Additional financial empowerment activities and opportunities will be announced throughout the month of April. For more information on Financial Empowerment initiatives hosted by the Office of the General Treasurer, please visit treasury.ri.gov/programs/financial-empowerment/.