Moody’s upgrades $105M bond issue rating for Rhode Island Housing

BARBARA FIELDS is the executive director of Rhode Island Housing. oody’s Investor Service has upgraded the rating for bond series to be issued by Rhode Island Housing to Aa1. / PBN FILE PHOTO RUPERT WHITELEY
BARBARA FIELDS is the executive director of Rhode Island Housing. oody’s Investor Service has upgraded the rating for bond series to be issued by Rhode Island Housing to Aa1. / PBN FILE PHOTO RUPERT WHITELEY

PROVIDENCE — Moody’s Investor Service has upgraded the rating for bond series to be issued by Rhode Island Housing. 

The ratings increase of one position, to Aa1, could result in reduced borrowing costs for the housing corporation, according to a statement issued last week by Executive Director Barbara Fields. 

“A stronger bond rating is an indication that Rhode Island’s economy is moving in the right direction,” she said. “This year we are helping even more Rhode Islanders make that leap into a home of their own. 

The increase is based on Rhode Island Housing’s strong financial position and loan portfolio performance. The Moody’s rating for the Homeownership Opportunity bonds now matches Standard and Poor’s rating. A $105 million issuance of the bonds became available for sale this week. 

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Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.