PROVIDENCE – Fitch Ratings has affirmed the Rhode Island Infrastructure Bank’s AAA credit rating with a stable outlook for both its Clean Water State Revolving Fund and its Drinking Water State Revolving Fund, the infrastructure bank announced Sept. 18.
The funds provide low-cost financing for water infrastructure projects across Rhode Island.
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Fitch cited the bank’s financial structure, management and the credit quality of its loan portfolio in affirming the ratings, according to the bank.
“Fitch’s affirmation of our AAA rating validates our strong financial structure, experienced management team and the underlying credit quality of our loan portfolio,” Executive Director William Fazioli said in a statement.
The rating allows the infrastructure bank to continue providing financing at lower borrowing costs to municipalities and other borrowers undertaking water infrastructure projects, Fazioli said.
The Fitch affirmation follows AAA, stable outlook ratings the bank received from both Fitch and S&P Global Ratings in February for its Clean Water and Drinking Water State Revolving Fund programs.
The infrastructure bank finances municipal, business and residential infrastructure projects, including water and wastewater, roads and bridges, energy efficiency, renewable energy and brownfield redevelopment.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
