Strengthing Oversight of Public Debt

The Rhode Island Public Finance Management Board (PFMB) is a nine-member volunteer body that is chaired by Treasurer Magaziner.

With a goal of promoting transparency in government and improving the financial health of municipal entities and quasi-public corporations in Rhode Island, the PFMB provides debt-related information which can be used to determine the feasibility of issuing bonds. The information provided by the PFMB may also be used by investors to more easily evaluate the credit characteristics of each bond offering, and its issuing entity.

At the request of Treasurer Magaziner, the General Assembly in 2016 enacted new legislation to create Office of Debt Management to strengthen the oversight of the issuance and management of public debt in Rhode Island.

In July 2019, Treasurer Magaziner released a Debt Affordability Study, the second to be released since he led reforms to the state's debt management practices. The previous iteration of the Rhode Island Debt Affordability Study in 2017 received national recognition for being among the most comprehensive studies of its kind ever conducted by a state. The 2019 edition of the study goes further, by making Rhode Island the first state to formally incorporate OPEB (Other Post-Employment Benefits) into its affordability recommendations.

State of Rhode Island Credit Ratings

General Obligations
 
Moody's
S&P
Fitch
Rating:
Aa2
AA
AA
Outlook:
Stable
Stable
Stable
Certificates of Participation
 
Moody's
S&P
Fitch
Rating:
Aa3
AA-
AA-
Outlook:
Stable
Stable
Stable