Standard&Poor's Ratings Services raised its rating on Portsmouth, N.H.'s GO bonds outstanding to 'AA' from 'AA-' based on the city's continued strong financial performance and above-average reserve levels. At the same time, Standard&Poor's assigned its 'AA' rating to the city's new $10 million GO bond issuance. Additional credit factors include the city's: Strong tax base growth, with both new residential construction and commercial/industrial development; Above-average wealth and income levels; and Moderate and manageable debt burden. Offsetting these strengths are long-term concerns relating to the future of the Portsmouth Navy Shipyard, located in Kittery, Maine. The shipyard, a major local employer, has been recommended for closure by the United States Department of Defense 2005 Base Realignment and
