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:
- Rhode Island Hlth & Educl Bldg Corp
- Providence Pub Bldg Auth
- Providence Redev Agy
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis