Fitch Ratings
Fitch Downgrades Rhode Island's $350MM TANs to 'F1'
Published in Patient Care Law Weekly, March 22nd, 2009
Fitch Ratings has downgraded the short-term rating on the State of Rhode Island and Providence Plantations' $350 million general obligation tax anticipation notes (TANs), fiscal year 2009 to 'F1' from 'F1+'. The downgrade is based on the meaningful deterioration in Rhode Island's economic performance and outlook in recent months in the context of an already severely strained financial position. The notes are due on June 30, 2009.
Following sale of the notes, in November 2008 the state released a revised budget estimate that reduced fiscal 2009 revenues by about $234 million and increased expenditures by about $128 million. The revisions resulted in a projected gap of...
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