By Michael Souza
PBN Staff Writer
WARWICK – Fitch Ratings has affirmed the “AAA” rating on R.I. Student Loan Authority’s 2008 bond issue and upgraded the outlook to stable, citing that the “trust is performing in-line with expectations.”
Charles P. Kelley, executive director of the authority, attributed the steady rating to “the financial literacy programs it conducts to help prevent students and families from over-borrowing; a low, fixed interest rate; and proactive default prevention measures.”
The Student Loan Authority is a nonprofit state authority providing $25 million annually in low cost, safe education loans to students and families. In its 18-year history, less than two percent of its loans have defaulted.
Fitch Ratings is a global rating agency which conducts independent and prospective credit opinions, research and data.