Standard&Poor's Ratings Services has affirmed its 'A+' issuer credit rating (ICR) on the City of Newport, R.I.'s water enterprise fund. The outlook is stable. The ICR reflects our view of the city's: Diverse service area, which centers on Newport's seasonal economy; Sufficient water supply and ample water capacity to meet demands; and Manageable capital needs, which the city continues to fund from restricted funds and loans from the Rhode IslandInfrastructure Bank. We believe mitigating credit factors include the city's: A moderately-high debt-to-plant ratio; Low unrestricted days' cash on hand; and Lack of autonomous rate-setting authority. Newport is Rhode Island's principal tourist center and ocean-side resort community, with a long history of naval base operations. Located about 30 miles
