R.I. sets $118M bond sale with distressed cities

RHODE ISLAND plans to sell $118.5 million of general-obligation bonds as fiscal strains have led to downgrades for cities - including Providence. / PBN FILE PHOTO
RHODE ISLAND plans to sell $118.5 million of general-obligation bonds as fiscal strains have led to downgrades for cities - including Providence. / PBN FILE PHOTO
NEW YORK - Rhode Island plans to sell $118.5 million of general-obligation bonds as fiscal strains have led to downgrades for cities - including Providence. Proceeds from the sale will be used to buy back debt, according to an offering document. Providence, the biggest municipality in the smallest U.S. state, had its rating cut to…

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