WTIC1080
Weather alert: Flood watches and a flood warning have been posted for parts of the state, including minor flooding along the Connecticut River. Read More

Local News

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

View Comments
Screen capture of the Rhode Island State House. (Credit: visitingnewengland.com)

Screen capture of the Rhode Island State House. (Credit: visitingnewengland.com)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

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.)

View Comments
blog comments powered by Disqus