Summary: Portsmouth, New Hampshire; General Obligation; Note

S&P Global Ratings assigned its 'AAA' long-term rating to Portsmouth, N.H.'s series 2016A GO refunding bonds and series 2016B general obligation (GO) capital improvement loan and affirmed its 'AAA' long-term rating on the city's outstanding GO debt. The outlook is stable. At the same time, we assigned our 'SP-1+' short-term rating to Portsmouth's series 2016 GO taxable bond anticipation notes (BANs), payable on June 23, 2017. The city's full-faith-and-credit pledge secures the bonds and notes. Officials intend to use the series 2016A and B bonds for various capital improvements and refund a portion of the city's series 2008 and 2009 bonds for present value savings. Officials intend to use note proceeds toward the construction of a parking garage. The short-term

...S&P Global Ratings assigned its '###' long-term rating to Portsmouth, N.H.'s series 2016A GO refunding bonds and series 2016B general obligation (GO) capital improvement loan and affirmed its '###' long-term rating on the city's outstanding GO debt. The outlook is stable. At the same time, we assigned our 'SP-1+' short-term rating to Portsmouth's series 2016 GO taxable bond anticipation notes (BANs), payable on June 23, 2017. The city's full-faith-and-credit pledge secures the bonds and notes. Officials intend to use the series 2016A and B bonds for various capital improvements and refund a portion of the city's series 2008 and 2009 bonds for present value savings. Officials intend to use note proceeds toward the construction of a parking garage. The short-term rating reflects our view of the city's strong ability to pay principal and interest when the notes come due. Portsmouth's market risk profile is low, in our view, as it maintains strong legal authority to issue long-term debt to...

Summary