April 22 (Bloomberg) — Rhode Island plans to sell $79.5 million in bonds this week after efforts to settle litigation over its pension overhaul failed less than two weeks ago.

Rhode Island is offering the general-obligation debt to retire older bonds and save $3.3 million, according to Standard & Poor's. The ratings company ranks the securities AA, its third-highest level.

In 2011, the Ocean State passed "bellwether pension reform" that saved $400 million annually on the obligations, Moody's Investors Service analysts led by Marcia Van Wagner said in an April 17 report.

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