38 studios

Bond rating unaffected by 38 Studios loan debate, says S&P

STANDARD & POOR'S RATING service said that the decision to openly consider defaulting on the bonds associated with 38 Studios LLC has not affected the rating of R.I. Economic Development Corporation revenue bonds.
Posted 6/20/13

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.

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