...S&P Global Ratings assigned its '###' long-term rating and stable outlook to Portsmouth, N.H.'s series 2017 general obligation (GO) capital improvement loan bonds and affirmed its '###' long-term rating, with a stable outlook, on the city's existing GO debt. At the same time, S&P Global Ratings assigned its 'SP-1+' short-term rating to Portsmouth's series 2017 GO bond anticipation notes (BANs), payable on June 22, 2018. The city's full-faith-and-credit pledge secures the bonds and BANs. Officials intend to use series 2017 bond proceeds to fund various capital improvement projects and series 2017 BAN proceeds to finance 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 BANs come due. Portsmouth's market risk profile is low, in our view, because it maintains strong legal authority to issue long-term debt to take out the BANs and it is a frequent issuer, providing regular disclosure to market participants....
