PROVIDENCE – Rhode Island Infrastructure Bank says it has received AAA ratings from Fitch Ratings and S&P Global Ratings on the bank’s $41.7 million state revolving fund revenue bonds.
The AAA rating is given to bonds considered the least-riskiest, according to both ratings agencies.
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The series 2024A bonds will be used to provide loans to the Narragansett Bay Commission to finance projects related to its capital improvement program. The bonds are expected to be priced in early May.
Both agencies also gave AAA ratings to the $190.3 million master trust revolving fund revenue bonds.
The agencies said the bank’s rating outlook is stable.
“Receiving these AAA credit ratings is a testament to the strong financial foundation we have built, and Rhode Island Infrastructure Bank’s resilient fiscal condition,” Executive Director William Fazioli said. “The stable outlook also demonstrates the rating agencies’ confidence that the board and management will continue to enact policies and procedures that will benefit our borrowers, Rhode Island taxpayers, and ensure the bank is able to provide a source of capital to support a clean and healthy environment for generations to come.”
“Our clean and drinking water state revolving fund programs provide hundreds of millions of dollars in needed low-cost financing for stormwater, wastewater and drinking water projects in cities and towns across Rhode Island,” said Rhode Island Infrastructure Bank board Chairman Vahid Ownjazayeri. “With these AAA credit ratings, Rhode Islanders can be confident that the infrastructure bank is highly creditworthy and extremely vigilant in the use of public funds to improve critical infrastructure in our state.”
