Standard&Poor's Ratings Services has assigned its 'SP-1+' short-term rating to the city of Newport, R.I.'s general obligation (GO) bond anticipation notes (BANs) and affirmed its 'AA' long-term rating, with a stable outlook, on the city's previously issued GO bonds. The rating reflects the city's: Seasonal, tourism-based local economy, with some stable employers; Good income levels and extremely strong property tax base; Strong financial position and good financial management practices and policies; and Low overall net debt burden with low carrying charges. Somewhat offsetting these credit strengths are the city's sizable pension and other postemployment benefits (OPEB) liabilities. The city's full faith and credit pledge secures the BANs. Officials plan to use proceeds to finance the construction of a
