The upgrade to 'AA-' from 'A+' on Portsmouth, N.H.'s GO bonds is due to the following improving credit characteristics: Strong management that continues to build fund balances and is given broad discretion by elected officials; A tax base that continues to grow and diversify anchored by a regional retail base and the success of the Pease International Tradeport; An economy that features low unemployment rates and high-paying jobs that seems unaffected by the continuing economic sluggishness elsewhere; and A manageable debt burden. The bonds are secured by the city's full faith general obligation pledge. Portsmouth (population 20,784) covers 15.2 square miles in Rockingham County on the coast of New Hampshire. The city is approximately 50 miles from both Boston and
