S&P Global Ratings assigned its 'AA-' long-term rating to the Rhode Island Infrastructure Bank's water pollution control revenue bonds, issued on behalf of Newport. At the same time, we assigned our 'AA-' long-term rating to the city's series 2015 A clean water state revolving fund program. The outlook is stable. The rating reflects our opinion of the combination of a very strong enterprise risk profile and financial risk profile. The enterprise risk profile reflects our view of the system's: Service area participation in the broad and diverse Providence-Warwick, RI-MA metropolitan statistical area economy; Very low industry risk as a monopolistic service provider of an essential public utility; High, but manageable, sewer rates given local household incomes and a low poverty
