Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
By PBN Staff
REUTERS — Standard & Poor’s Rating Services announced Thursday that R.I. Economic Development Corporation revenue bonds issued for 38 Studios LLC, former Red Sox pitcher Curt Schilling’s failed videogame company, will not be affected by the state’s decision to openly consider defaulting on the bonds, reported Reuters.
The R.I. House representatives introduced legislation in March to lead the state in defaulting on the bonds.
Debate has taken place during recent budget negotiations over whether the state should skip an interest payment on the debt due next year, said Reuters.
Standards & Poor’s expects a stable outlook for the revenue bonds despite recent legislation and discussion of defaulting on the bonds, according to Reuters.
The bonds currently retain an “A” rating. The rating agency also said in prepared remarks that it maintains a stable outlook for Rhode Island’s general obligation and appropriation debt “AA” rating.