Statement from the Office of Governor Lincoln D. Chafee Regarding Completion of General Obligation Bond Offering for 2013

The state has completed its general obligation bond offering for 2013 and has sold $53.15 million of the bonds for various projects approved by Rhode Island voters in previous elections. The bond projects include the new Veterans Home in Bristol, affordable housing, building improvements at Rhode Island College, recreational facilities, open space acquisition, and clean water infrastructure. 

The issue was sold to a syndicate led by Citi and JP Morgan.  The following firms also served as co-managing underwriters: Bank of America Merrill Lynch, Janney Montgomery Scott, Oppenheimer, Raymond James and Roosevelt and Cross.

All three rating agencies affirmed the state’s ratings in connection with the sale: Aa2 from Moody’s, AA from Standard and Poor’s and AA from Fitch Ratings. The state’s strong fiscal management, positive trends in liquidity and a fully funded budget reserve fund were noted as strengths by the rating agencies in the reports released in connection with the bond issue.