FITCH RATINGS GIVES RHODE ISLAND TURNPIKE AND BRIDGE AUTHORITY’S NEW BONDS AN ‘A’ RATING
JAMESTOWN, R.I.– The Rhode Island Turnpike and Bridge Authority (RITBA)
has received notification from Fitch Ratings (Fitch) that the rating agency has
assigned its 2016A motor fuel tax bonds an ‘A’ rating and its future outlook as
“stable”. The new bonds will be released for sale on Thursday, Jan. 28th.
“We are happy to receive this ‘A’ rating from Fitch and a stable outlook as we
move forward to releasing these bonds to the financial markets,” said Earl
“Buddy” Croft, Executive Director of RITBA. “We are confident RITBA’s bridges
will be structurally sound for years to come.”
Fitch cited the statutorily pledged revenues of the 3.5 cents per gallon of the
statewide motor fuel tax, subject to annual appropriation by the state’s General
Assembly, that secure the motor fuel tax bonds as reason for the ‘A’ rating.
The new RITBA bonds are being issued to finance the renovation, renewal
repair, rehabilitation, retrofitting, upgrading, and improvement of the Pell Bridge,
Mount Hope Bridge, and the Sakonnet Bridge, among other projects. A portion of
bond proceeds will also be used to satisfy debt service requirements and to
refinance bond anticipation notes issued in 2014 and 2015. The RITBA bonds
also received a “A+” rating from Standard & Poor’s earlier in January.
As a credit rating agency, Fitch issues credit ratings for the debt of public and
private corporations. Fitch has been designated a nationally recognized
statistical rating organization by the U.S. Securities and Exchange Commission.