...NEW YORK (S&P Global Ratings) April 10, 2017--S&P Global Ratings assigned its '##-' long-term rating to the Rhode Island Infrastructure Bank's water pollution control revenue bonds, issued on behalf of Newport. At the same time, we assigned our '##-' long-term rating to the city's series 2015 A clean water state revolving fund program. The outlook is stable. "The rating reflects our opinion of the combination of a very strong enterprise risk profile and financial risk profile," said S&P Global Ratings credit analyst Erin Boeke Burke. A very strong enterprise risk profile and a very strong financial risk profile map to an indicative rating of either '##' or '##-' under our criteria; we have selected the '##-' anchor based on concerns about the city maintaining rate affordability given significant increases in water bills several years ago, as well as a 16% increase in sewer bills in 2016 and a planned 8% increases for the next two years. The city is still in the early phases of implementing...
