Fitch gives ‘AAA’ rating to water finance agency

CHICAGO – Fitch Ratings last week assigned a ‘AAA’ rating to the Rhode Island Clean Water Finance Agency’s $35.8 million safe drinking water revolving fund, the ratings company said in a news release last week.
The bonds are expected to be sold this week via negotiation, with proceeds loaned to three borrowers for certain drinking water projects through the safe drinking water state revolving fund.
In addition, Fitch affirmed the rating on approximately $82.3 million of outstanding Drinking Water State Revolving Fund bonds at ‘AAA.’
“The ‘AAA’ rating on the developing Drinking Water State Revolving Fund program reflects strong default tolerance due to sizable reserves and high loan credit quality,” Fitch said in a release. &#8226