Standard & Poor’s Rating Service (S&P) has upgraded the Rhode Island Turnpike and Bridge Authority’s (RITBA) financial condition to A+ from A in its latest rating report.
The upgrade reflects S&P’s expectations that RITBA will continue to maintain its strong financial risk profile, supported by stable and recovered toll transactions following the downward spiral of the Newport Pell Bridge tolls during the early stages of the pandemic.
“We are very pleased with the S&P review,” RITBA Executive Director Lori Caron Silveira said. “We appreciate the confirmation of the strong financial management of the Authority, the strong guidance provided by the Board of Directors, and the hard work of our employees as we work to maintain these critical pieces of our state’s infrastructure.”
RITBA operates the Claiborne Pell/Newport Bridge, Mount Hope Bridge, Jamestown Verrazzano Bridge, and the Sakonnet River Bridge.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.