Rhode Island Infrastructure Bank

On behalf of the Rhode Island Infrastructure Bank, thank you for your interest in our bonds. Since 1989, the Bank has provided $3.42 billion in low-cost financing for water, wastewater, transportation, energy, and resilience projects across Rhode Island. Fiscal 2026 was a record year, with $292 million in projects financed and $285.1 million in new loan agreements executed.

The Bank’s bonds are secured by its program loan portfolios and reserves. Our Clean Water and Drinking Water State Revolving Fund bonds make up the large majority of our outstanding debt and are rated AAA by both S&P and Fitch. In February 2026, both agencies affirmed those ratings, citing our secure market position, robust overcollateralization, and strong financial policies. Our Efficient Buildings Fund and Municipal Road and Bridge Fund bonds are rated AA by S&P.

Our loans are backed by the general obligation pledge of borrowing municipalities or by the revenues of revenue borrowers such as water utilities. Across our programs, borrowers have historically repaid in full and on time, and the Bank has not needed to establish an allowance for loan losses. Because borrower repayments exceed the debt service on our bonds, those funds revolve into new loans. As of June 30, 2026, the Bank held $2.08 billion in total assets and $1.22 billion in net position (unaudited).

In 2026, we issued $184.5 million of bonds that funded Narragansett Bay Commission and Kent County Water Authority projects and refinanced existing debt for more than $2.7 million in savings.

This site provides our offering documents, audited financial statements, quarterly financial dashboards, and program reports. Our Program Structure & Portfolio page explains how each of our bond programs is secured. We are committed to timely, transparent disclosure and will continue to post updates here as they become available. Please do not hesitate to contact us with any questions.

William Fazioli, Executive Director