Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Newport, R.I.'s general obligation (GO) refunding bonds and affirmed its 'AA' rating, with a stable outlook, on the city's existing GO debt. The rating reflects the city's: Tourism-centered local economy that benefits from a number of stable employers, Good income levels, Strong financial position, and Low debt burden with limited additional debt plans. The city's full faith and credit pledge secures the bonds. Officials plan to use bond proceeds to advance refund the city's GO bonds outstanding dated Dec. 1, 2001. Located about 30 miles south of Providence, Newport is Rhode Island's principal tourist center and resort community. The city occupies about 11.0 square miles, 7.7 square
