The rating upgrade on Portsmouth, N.H.'s GO bonds reflects the following improving credit characteristics: A growing and diversifying tax base with virtually no unemployment; Good financial position with growing reserves; Strong, experienced management with a focus on multiyear planning; and Manageable debt. The bonds are secured by the city's full faith GO pledge. Portsmouth, with a population of 25,388, is 50 miles northeast of Boston, Mass. along the New Hampshire seacoast. The city serves as an important retail center and distribution point for northern New England. The city's tax base contains a strong commercial and industrial component, which makes up 39% of fiscal 2000 valuation. The strength of Portsmouth's retail presence is evident in its per capita retail sales, which
