Fitch rates R.I.'s outlook 'stable'

RHODE ISLAND landed an “outlook stable” grade from Fitch Ratings.
Posted 4/18/12

NEW YORK – Rhode Island landed an “outlook stable” grade from Fitch Ratings.

The global rating agency assigned an “AA” rating to $96.35 million in general obligation bonds from the consolidated capital development loan of 2012.

Fitch also affirmed the “AA” rating of Rhode Island’s $1.19 billion in outstanding state general obligation bonds and an “AA-” rating for the $733.6 million in outstanding appropriation-backed debt.

Overall, the Ocean State was labeled “outlook stable” by the rating agency.

“State-source revenues, particularly sales and personal income taxes, have shown notable improvement in fiscal years 2011 and 2012,” said report.

The rating agency pointed to Gov. Lincoln D. Chafee’s budget as one reason for the state’s stable grade.

Fitch called the state’s financial operations “conservatively managed” and said that significant pension reform has “significantly improved” the liability position.

Rhode Island’s debt ratios are on the high end of the moderate range, with net tax-supported debt of $2.4 billion.

“Despite continued economic weakness, the state’s financial position has shown recent improvement,” said the Fitch report.

PBN Hosted

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News