Providence, RI Debt Ratings Lowered To 'BBB+', 'BBB', And 'BB+' On Significant General Fund Balance Deterioration
- Language: English
- Published: March 2011
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Standard & Poor's Ratings Services has assigned its 'A-' long-term rating to Rhode Island Health and Educational Building Corporation (RIHEBC) qualified school construction bonds (QSCB), series 2009A. Standard & Poor's also affirmed its 'A' long-term rating and underlying rating (SPUR) on Providence, R.I.'s general obligation (GO) debt and its 'A-' SPUR on Providence Public Building Authority's, Providence Redevelopment Agency's, and RIHEBC's lease-revenue debt based on the leases' annual appropriation nature and the city's underlying credit characteristics. The lease bonds are issued under a master trust indenture. At the same time, we revised the outlook to stable from positive, reflecting the financial pressures on the city from declining state aid, which city management projects resulted in the city's first general fund...
Companies mentioned in this report are: Providence,Rhode Island Hlth & Educl Bldg Corp,Providence Pub Bldg Auth,Providence Redev Agy
Action: New Rating
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Providence,Rhode Island Hlth & Educl Bldg Corp,Providence Pub Bldg Auth,Providence Redev Agy