Fitch Upgrades Rhode Island’s Long-Term Issue Default Rating to ‘AA+’; Amid Treasurer Diossa’s Rhode Island Investor Conference
Published on Monday, June 02, 2025
For Immediate Release
Date: June 2, 2025
Contact: Carla C. Rojo, Director of Communications
Fitch Upgrades Rhode Island’s Long-Term Issue Default Rating to ‘AA+’; Amid Treasurer Diossa’s Rhode Island Investor Conference
Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced that Fitch Ratings has upgraded the state’s Long-Term Issue Default Rating (IDR) to ‘AA+’ from ‘AA’ and issued a ‘stable’ rating outlook. Fitch has also assigned a ‘AA+’s rating to $273.63 million of general obligation (GO) bonds.
The ratings were announced the day prior to Treasurer Diossa hosting the State of Rhode Island’s second Investor Conference at the Omni Providence Hotel, which took place on Friday, May 30th.
The one-day conference welcomed over 100 investors to the state and highlighted the numerous opportunities for bond investments in advance of the June 9, 2025, sale of general obligation (GO) bonds.
“Our second investor conference highlighted Rhode Island’s strength as a driver of economic growth and fiscal stability,” said General Treasurer, James Diossa. “From housing and clean energy to infrastructure and community investment, Rhode Island continues to be a smart and reliable destination for capital through GO bonds. As Treasurer, I’m dedicated to building public trust in our bonds, which have consistently delivered safe, stable, and long-term financial returns.”
Individuals in attendance included institutional investors, bankers, financial advisors, credit rating analysts, and representatives from bond investment firms. Attendees heard directly from State leaders, budget and investment officials, and State agency employees on investing in the Ocean State, upcoming projects, and progress made in strengthening Rhode Island’s economy.
Governor Daniel J. McKee, and Speaker K. Joseph Shekarchi, Senate Finance Chair Louis DiPalma, and Dylan Zelazo, Executive Director of Rhode Island Health and Educational Building Corporation (RIHEBC), offered welcoming remarks to attendees, encouraging them to invest in our state.
"We’re sending a clear message to investors and employers: Rhode Island is serious about growth, with a competitive tax climate, a ready workforce, and historic investments in infrastructure," said Governor Dan McKee.
President of the Senate Valarie J. Lawson said, “I am grateful to General Treasurer Diossa for hosting the state’s second Investor Conference, which provides an important opportunity to recognize and showcase Rhode Island’s strong fiscal foundation. Thanks to meaningful investments in critical areas and a responsible, forward-thinking approach on the part of state leadership, Rhode Island is set up for a bright and prosperous future. Thank you to everyone who continues to invest in Rhode Island and its people.”
“The state budget is the most important responsibility of Rhode Island’s House of Representatives, and I am very proud that our diligent oversight has been cited as a reason our state has excellent ratings from the top three credit rating agencies’ said Speaker K. Joseph Shekarchi. “With unprecedented investments in housing and innovation, our economy is growing. I am bullish on Rhode Island’s economic outlook, and I am confident that investors will agree. Thank you to Treasurer James Diossa and his team for assembling this dynamic conference.”
“RIHEBC is proud to participate in Treasurer Diossa’s investor conference,” said Dylan M. Zelazo, Executive Director of the Rhode Island Health and Educational Building Corporation (RIHEBC). “Together, we are working to build Rhode Island’s future. Sustainable, fiscally responsible investment is happening throughout the state, and the work of Governor McKee, the Rhode Island General Assembly, and Treasurer Diossa is making Rhode Island an even better place to invest.”
Additionally, a panel discussion with Senator Jack Reed, Senator Sheldon Whitehouse, and Congressman Seth Magaziner, discussed Rhode Island’s economy and infrastructure.
“Rhode Island has built a diverse economy anchored by defense, clean energy, the blue economy, and other resilient industries. I’m proud to advocate for and deliver strong infrastructure investments across the Ocean State that help strengthen our business ecosystem, attract new investors, and make our state a better place to live and work,” said Senator Jack Reed. “I was pleased to join my colleagues today to discuss our work to drive consistent economic growth in Rhode Island.”
“From our Blue Economy to our world-class universities and talent, Rhode Island punches far above its weight in so many areas,” said Senator Sheldon Whitehouse. “I was glad to join Treasurer Diossa and state leaders to highlight the Ocean State’s big investment potential.”
“I commend Treasurer Diossa for organizing today’s events and delivering a strong message that Rhode Island is a good investment.” said Congressman Seth Magaziner. “I am proud to work with my colleagues in the congressional delegation to deliver resources that help make our economy productive and set the stage for long term growth.”
"Through strategic investment in our state's economy, infrastructure, and communities, we are building a brighter future for all Rhode Islanders," said Congressman Gabe Amo. "Thank you to Treasurer Diossa for your leadership with today's Investor Conference and helping invigorate our state's financial outlook."
Panels were also held throughout the duration of the day, with the intention to inform the audience of the State’s ongoing initiatives, and an update on State finances.
The conference was cosponsored by the Rhode Island Health and Education Building Corporation, Rhode Island Infrastructure Bank, and Narragansett Bay Commission.
You may learn more about Rhode Island GO bonds here.
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