Standard&Poor's Ratings Services affirmed its 'A+' issuer credit rating (ICR), and stable outlook, on Newport, R.I.'s net revenue pledge from the city's water enterprise fund. The ICR reflects the city's: Diverse service area, centered on Newport's seasonal economy; Sufficient water supply and ample water capacity to meet demands; Adequate legal provisions and consistent financial operations; Low debt-to-plant ratios; and Manageable capital needs, which the city continues to finance from restricted funds and loans from Rhode Island Clean Water Finance Agency (RICWFA). Mitigating factors include the city's: Low unrestricted days' cash on hand, and Lack of autonomous rate-setting authority. Located about 30 miles south of Providence, R.I., Newport is Rhode Island's principal tourist center and resort community. The local
