Fitch Ratings yesterday affirmed the “A” bond rating for the City of Providence’s approximately $105 million in outstanding general obligation bonds. Fitch reviewed the city’s finances during the course of routine surveillance and concluded that Providence continues to exercise strong fiscal management in the face of external pressures, including the declining housing market and state budget crisis. Fitch Ratings’ report card for Providence also included a “stable outlook” for the city. “Fitch’s ‘A’ credit rating validates the hard work we’ve done to strengthen the city’s finances and sustain the progress we’ve made during these difficult economic times,” said Mayor David Cicilline. “I want to thank our financial team for their expertise and laser-sharp focus on improving the city’s financial performance.” The ratings report comes eight months after two major municipal bond rating agencies, Standard & Poor’s and Moody’s Investment Service, affirmed the city’s financial position by issuing “A” bond ratings last October.

R.I. taking business scholarship forms

The Rhode Island Division of Taxation is accepting business donation applications for the Rhode Island Corporate Scholarship Tax Credit Program for state fiscal years 2009 and 2010. C-Corporations, S-Corporations, LLCs and LLPs can get a 75-percent tax credit for a one-year commitment, and 90 percent for a two-year commitment, for a charitable donation to one of four scholarship-granting organizations representing 60 K through 12 private and parochial schools throughout the state. Businesses can receive a maximum tax credit of $100,000 per year. The program is capped at $1 million, and is available on a first-come, first-served basis. Under the Rhode Island Corporate Scholarship Tax Credit Program, which was approved by the General Assembly in 2006 and went into effect in 2007, any family with a household income of 250 percent or less of the federal poverty level — about $53,000 for a family of four — is eligible to apply for tuition assistance at one of the participating schools. For more information, go to www.rischolarshipalliance.org, or call (401) 831-7472.

Funeral home renews work for trees

The J.J. Duffy Funeral Home of Cumberland has renewed its affiliation with Lofty Oaks Association, a New Hampshire organization dedicated to reforestation and conservation efforts. The company arranges to have a tree planted for each service they perform to provide a living memorial in honor of the deceased and to renew the forest life of Rhode Island. The memorial trees are planted in the spring and fall. After each service, family members and friends are informed that the memorial tree has been arranged for by Dennis Bernardo of the funeral home. When the tree has been planted, the family will receive a certificate of planting suitable for framing and keeping in the family’s history.

Leinbach joins Hasbro board of directors

Hasbro Inc., of Pawtucket, has announced that Tracy A. Leinbach, former executive vice president and chief financial officer for Ryder System Inc., has been elected to the board of directors effective July 1. She spent more than 20 years in diverse senior operational and financial management positions with Ryder and as executive vice president for fleet management was responsible for running the company’s U.S. operations. During her tenure as CFO, Ryder achieved record revenues and earnings. Leinbach holds a bachelor’s degree from William & Mary and an MBA from the Kenan Flagler School of Business at the University of North Carolina. She is a director for Blue Cross Blue Shield of Florida and Forward Air Corp. She is a director and the treasurer of The College of William & Mary Foundation.

KVH Industries working with ViaSat

Middletown-based KVH Industries Inc. has announced a new agreement with ViaSat Inc. to begin the global rollout of a mini-satellite communications service. Together with a KVH antenna, the mini-sat broadband service is already offering regional Voice over IP telephone service and Internet to mariners throughout North America, the Caribbean, the North Atlantic and Europe. Under the agreement, KVH and ViaSat are planning an exclusive global network offering access to KVH’s service for maritime use with airtime revenue to be shared between the two companies. As part of the coverage expansion, KVH has agreed to acquire satellite capacity from Ku-band satellite operators as well as to purchase three new regional satellite hubs from ViaSat.

LIN TV, Charter complete deal

Providence-based LIN TV Corp. and Charter Communications Inc., of St. Louis, have reached an agreement for the retransmission of LIN’s broadcast TV stations’ analog and digital signals. Thirteen LIN-owned and/or operated local stations are currently carried by Charter in the following markets: Grand Rapids; Green Bay; Hartford-New Haven; Norfolk; Springfield (Mass); Dayton; Providence and Toledo. “We are extremely pleased to have reached a fair market agreement with Charter,” said LIN executive vice president for digital media Gregory M. Schmidt, “and we look forward to broadening and deepening this relationship as we move together into the digital future.”

Cigarette tax goes up by a dollar in Mass.

The tax on a pack of cigarettes in Massachusetts will jump by a dollar under a bill signed into law Tuesday by Governor Patrick. The tax, one of the highest in the nation, goes into effect immediately. Patrick signed the bill a day after House and Senate lawmakers rushed to approve it by the start of the new fiscal year. The increase brings Massachusetts’ cigarette tax to $2.51 per pack. New York has the highest cigarette tax in the nation at $2.75 per pack. Supporters say the tax increase would help raise $174 million in revenues. They say the extra money will go to help cover the cost of the state’s landmark health care law.

No buying tobacco over the Web in Vt.

Vermont’s new ban on the sale of cigarettes and other tobacco products via the Internet is now in effect. Starting Tuesday it is illegal for cigarettes, roll-your-own tobacco, little cigars or snuff to be ordered or purchased by telephone, mail order or through the Internet and shipped to anyone in Vermont. Attorney General William Sorrell says the only exception will be for a licensed wholesale or retail dealer or distributor. Sorrell says many Internet sellers have inadequate or no systems for verifying the buyer’s age.

Maine utilities to add power lines

Two Maine utilities on Tuesday proposed $1.9 billion worth of electric infrastructure improvements to ensure reliability of the existing power grid as well as to connect northern Maine to the New England power grid for the first time. Central Maine Power proposes to spend $1.4 billion to build a new 345,000-volt transmission line from Orrington to Newington, N.H., with a goal of upgrading and improving the state’s grid, which has seen no improvements since 1971, said Sara Burns, CMP president and CEO. Also, CMP and Maine Public Service Co. are partnering on another 345,000-volt line extending from central Maine to northern Aroostook County at a cost of $400 million to $500 million. The latter project would accommodate existing and proposed northern Maine wind power projects, boosting supply and creating competition while connecting the region to the New England power grid.

L.L. Bean to offer Visa card

Freeport, Maine-based L.L. Bean and Barclays PLC, a global financial services provider, on Monday announced the launch of a new Visa card they said will provide enhanced benefits to shoppers who use it to charge their purchases from the outdoors outfitter. The card became available Tuesday as a replacement for the L.L. Bean Visa card issued by Bank of America. Bean said previously that it was discontinuing its 12-year relationship with Bank of America and predecessor company MBNA. In seeking a new credit card partner, Bean said it was drawn by Barclays’ commitment to opening a customer-service site in mid-June in Wilton, Maine, that will serve Bean cardholders as well as those in other partner programs.