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TEXT-Fitch affirms Rhode Island's drinking water revs at 'AAA'
July 25, 2012 / 8:22 PM / 5 years ago

TEXT-Fitch affirms Rhode Island's drinking water revs at 'AAA'

 (The following statement was released by the rating agency)
 July 25 - Fitch Ratings has affirmed its 'AAA' rating on Rhode Island Clean
Water Finance Agency's safe drinking water state revolving fund (DWSRF) program
bonds:

--Approximately $144 million in outstanding revolving fund revenue bonds, 'AAA'.

The Rating Outlook is Stable.

In accordance with Fitch's newly released 'State Revolving Fund and Leveraged
Municipal Loan Pool Criteria', Fitch's cash flow modeling demonstrates that the
DWSRF program can continue to pay bond debt service even with loan defaults in
excess of Fitch's 'AAA' liability default hurdle, as produced using Fitch's
Portfolio Stress Calculator (PSC). Liability default hurdles derived by the PSC
are calculated based on overall pool credit quality as measured by the rating of
underlying borrowers, size, loan term, and concentration.

For more information, see 'Fitch Rates Rhode Island's $34MM Drinking Water Rev.
SRFs 'AAA'; Outlook Stable.', dated 18 May 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Revenue-Supported Rating Criteria' (June 12, 2012);
--'State Revolving Fund and Leveraged Municipal Loan Pool Criteria' (May 21,
2012);
--'Rating Guidelines for State Credit Enhancement Programs' (June 19, 2012);
--'Counterparty Criteria for Structured Finance Transactions' (May 30, 2012).

Applicable Criteria and Related Research:
Revenue-Supported Rating Criteria
State Revolving Fund and Leveraged Municipal Loan Pool Criteria
Rating Guidelines for State Credit Enhancement Programs
Counterparty Criteria for Structured Finance Transactions

 (New York Ratings Team)
 

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