Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating on Concord, N.H.'s general obligation bonds to AA-plus from AA.
The outlook is stable.
"The upgrade follows a trend of robust operating results driven by conservative budgeting practices and strong proactive financial management," said Standard & Poor's credit analyst Victor Medeiros. The city is projecting an operating surplus in 2013 that would increase available reserves to very strong levels. Moreover, the city maintains what we consider strong and sustainable financial management policies that we believe will sustain operating performance and reserves through varying economic cycles.
Additional credit strengths include the city's: relatively stable economic base, centered on government employment; very strong per capita market value and good household income measures and low unemployment; very strong financial position, bolstered by strong fiscal policies and experienced and capable management; and moderate overall net debt burden and aggressive amortization schedule.
Concord, with an estimated population of 42,844, is the state capital of New Hampshire.
