Rhode Island Debt Outlook Improves, Howard Cure Quoted In the Wall Street Journal

June 16, 2010

The move by Central Falls, Rhode Island to enable a state-appointed receiver to overhaul its finances bodes well for the state? debt as a whole, said Howard Cure, director of municipal research at Evercore Wealth Management, in an interview with the Wall Street Journal.

While the city still has a long way to go toward solving its fiscal woes, its acceptance of a new state process will help nip concerns that other distressed Rhode Island municipalities may try ad-hoc and potentially bondholder-unfriendly tactics to cope with their problems, the article said.

"There are other issuers in Rhode Island that may need help, like Woonsocket and North Providence," said Cure, director of municipal research at Evercore Wealth Management. "Having the state intervene provides a lot of comfort for folks."