Moody’s Ends Review Of Rhode Island Debt After 38 Studios Vote

PROVIDENCE, R.I. (AP) _ An influential rating agency has ended its scrutiny of Rhode Island’s debt following the General Assembly’s vote to make a payment relating to the failed investment in 38 Studios.

Moody’s Investors Service announced Monday that it had ended its review of $2.1 billion in state debt prompted by uncertainty over whether the state would make the payment.

Gov. Lincoln Chafee says the decision by lawmakers to set aside $2.5 million for a debt payment next year sends a signal to the investment community that Rhode Island honors its obligations.

Some lawmakers had called to default on the state’s debt for a $75 million loan guarantee given to the now-bankrupt video game company started by the former Red Sox pitcher Curt Schilling. But those attempts failed during budget votes last week.

(© Copyright 2013 The Associated Press. All Rights Reserved.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

Ski Card
WTIC Holiday Stores 2016

Listen Live