Moody's Investors Service Tuesday removed from review and confirmed the B2 rating on general obligation bonds issued by the Commonwealth of the Northern Mariana Islands.

The rating agency placed $1.7 million of the commonwealth's Series 2003A bonds on review in May due to a lack of information.

Moody's said it has since received the needed audited and unaudited financials it needed.

"The B2 rating reflects the commonwealth's small, concentrated economy which has experienced a significant decline due to the loss of the garment industry; strained financial results characterized by persistent operating deficits; and a large and growing unfunded pension liability," Moody's said.

Moody's said the delayed audited financials also factored into the rating.

The commonwealth's financial results have shown persistent general fund deficits, according to the report. The islands also faces large unfunded pension liabilities.

In addition, the economy relies heavily on a volatile tourism industry.

However, its debt levels are low compared to other U.S. territories and commonwealths, according to Moody's, and its rated debt matures in October 2013.

According to the rating agency, the government revenues are also showing signs of stabilization after several years of decline driven by the loss of the garment industry.

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