Rhode Island General Treasurer Seth Magaziner released the following statement regarding the strong AA credit ratings issued by S&P and Fitch, and the Aa2 rating issued by Moody's for the State of Rhode Island. The ratings from all three agencies come in advance of a bond issuance scheduled in April to fund key economic and infrastructure projects recently approved by voters.
"These ratings show that our quick action to stabilize the state's finances during the COVID-19 pandemic and our commitment to strong financial management are paying off. A high credit rating is crucial to Rhode Island's ability to continue to grow the economy. I'm pleased that the ratings agencies have continued to recognize our progress with these strong ratings," said Rhode Island General Treasurer Seth Magaziner.
When reaffirming the state's ratings, the agencies cited Rhode Island's strong financial management and S&P noted that following the global economic downturn due to COVID-19, Rhode Island "has regained a steady financial foothold based on our view of the state's active budget management, strong government framework, and its development of multi-year financial forecasts." S&P also cited Rhode Island's commitment to strong fiscal oversight as an indicator of its success.
Treasurer Magaziner's highest priority as General Treasurer is to support job creation and economic opportunity for all Rhode Islanders. During the pandemic, Treasurer Magaziner secured over $300 million in emergency financing to ensure the state's operations would continue to be funded, managed the state pension fund to an all-time high, and worked with local banks and credit unions to encourage them to provide federal forgivable PPP loans to any eligible Rhode Island small business.