Newport's Bond Rating Upgraded to AA+

Standard and Poor's Ratings Services has given Newport a thumbs up with a ratings increase.

The ratings agency said it has raised Newport's general obligation debt rating to AA+ from AA.

"The stable outlook reflects our view of Newport's focus on maintaining strong operating flexibility," said Standard & Poor's credit analyst Victor Medeiros.

The ratings upgrade was announced on March 7 and covers an two arrays of general obligation bonds. One is valued at about $5 million, the last of which due to mature in 2024. The other is valued at $13.485 million with a maturity date of 2021.

Standard and Poor's based the ratings increase on the city's meeting of criteria laid out in its Local Government GO Ratings Methodology and Assumptions.