Standard&Poor's Ratings Services has affirmed its 'SP-1+' short-term rating on the city of Newport, R.I.'s general obligation (GO) bond anticipation notes (BANs) outstanding based on our revised criteria for evaluating and rating BANs. In our view, the town maintains a very strong capacity to pay principal and interest when the notes come due. The town maintains a low market risk profile as it maintains strong legal authority to issue long-term debt to take out the notes and is a frequent issuer that regularly provides ongoing disclosure to market participants. At the same time, Standard&Poor's affirmed its 'AA' long-term rating, with a stable outlook, on the city's GO bonds outstanding. The rating reflects the city's: Seasonal, tourism-based
