Standard&Poor's Ratings Services raised its rating on Newport, R.I.'s general obligation (GO) debt by one notch to 'AA+' from 'AA', based on its local GO criteria released Sept. 12, 2013. The outlook is stable. A pledge of the city's full faith and credit secures the bonds. The rating reflects our assessment of the following factors for the city: We consider Newport's economy very strong. The city is Rhode Island's principal tourist center and oceanside resort community with a long history of naval operations. Located about 30 miles from Providence, the state's economic heart, residents have access to a broader employment center. Its projected per capita effective buying income is 118% of the U.S. and per capita market value
