Portsmouth, N.H., Raised to AAA by S&P

Standard & Poor's also assigned its AAA rating to the city's 2013 GO bonds. The outlook is stable.

"The ratings reflect the city's strong and conservative management practices that, when combined with a focus on predictability and stability, has led to a trend of very strong financial results," said Standard & Poor's credit analyst Hilary Sutton.

The AAA ratings reflect the city's: location and participation in large regional employment centers; very diverse property tax base with low unemployment, extremely strong per capita market value, and strong-to-very strong incomes; very strong financial position, with strong management practices and policies; and low-to-moderate debt burden.

The city's unlimited property tax pledge secures the bonds. Officials will use bond proceeds to finance a variety of capital improvements and refund certain outstanding bonds.

Portsmouth, with a population of about 21,000, is located along New Hampshire's coast, approximately 50 miles south of Portland, Maine and 50 miles north of Boston.

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