PROVIDENCE – State leaders and quasi-public agency officials touted Rhode Island's potential to possible investors ahead of next month's general obligation bonds issuance during Friday's 2025 Rhode Island Investors Conference at the Omni Hotel.
Gov. Daniel J. McKee was joined by General Treasurer James A. Diossa, who hosted two panels which highlighted the state's economic and financial outlook, improvements and more.
"Rhode Island is a good investment," McKee said. "You should feel confident about investing here. The returns will only multiply."
Rhode Island has received multiple credit rating upgrades under McKee, signaling stronger financial health, the governor said. On May 28, Fitch Ratings, one of the top global credit rating agencies, upgraded the state's Long-Term Issuer Default Rating to 'AA+' from 'AA'. Fitch has also assigned an 'AA+' rating to $273.63 million of general obligation bonds.
Earlier this year, Fitch also raised the Rhode Island Airport Corp.’s bond rating to 'A' from 'A-', citing lower debt and rising passenger numbers. The state’s general obligation bond outlook was also upgraded to "Positive" in 2023, reflecting better fiscal management. Additionally, the Rhode Island Infrastructure Bank earned top 'AAA' ratings in 2024 for its solid finances and infrastructure funding.
"We are moving in the right direction," McKee said. "Our financial positioning just keeps getting stronger and stronger."
Rhode Island’s general obligation bonds are low-risk, state-issued debt backed by taxpayer funds and strong credit ratings. Managed by the General Treasurer’s Office, they help finance public projects like infrastructure, education, and the environment.
Investors were then invited to hear from a group of two panelists, which included several prominent government agency leaders, who outlined their plans and ongoing commitment to enhancing education, industry, infrastructure and overall quality of life in the Ocean State.
The first panel of the event, titled “Panel A: The State of Rhode Island: Economic Outlook,” featured R.I. Chief Investment Officer Justin Maistrow; Matthew McCabe from the R.I. Office of Revenue Analysis in the R.I. Department of Revenue; Joseph Codega from the R.I. Office of Management and Budget; and Francis Quinn from the Office of Rhode Island General Treasurer.
The second panel, titled “Panel B: Rhode Island’s Infrastructure Investments and Opportunities,” featured Dylan Zelazo, executive director of the Rhode Island Health and Education Building Corp.; William Fazioli, executive director of the Rhode Island Infrastructure Bank; Steven King, managing director of the Quonset Development Corp.; and Iftikhar Ahmad, CEO and president of the R.I. Airport Corp., which oversees Rhode Island T.F. Green International Airport.
As of June 30, 2024, the state has approximately $1.483 billion of outstanding general obligation bonds.
Lasy year, Rhode Island voters approved four general obligation bonds totaling $343.5 million for higher education, housing, environmental projects, and the arts. Additionally, Providence passed a separate $400 million bond for school facilities, bringing total approved borrowing to more than $740 million.
Expected pricing for the 2025 general obligation bond issuance is scheduled to take place between June 9 and June 10, with an expected closing date of June 25.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
