Portsmouth sold $37 million of general obligation refunding bonds in a negotiated deal this week.
Proceeds of the bonds — $6.5 million of Series 2009A refunding GOs, $13.5 million of Series 2009B refunding GOs, and $16.7 million of Series 2009C taxable GO refunding bonds — are being used to refund certain tax-exempt and taxable bonds.
The deal was rated AA-minus by Standard & Poor’s and Fitch Ratings, and A1 by Moody’s Investors Service.
Standard & Poor’s said it revised its outlook to negative on the city due to a recent trend of structural imbalance that is projected to continue into the current fiscal year.
Wachovia Bank NA was book-runner on the deal that priced Tuesday.
The Series 2009A bonds had maturities from 2018 to 2025, while the Series 2009B bonds matured from 2010 to 2025. The Series 2009A bonds due in 2025 were priced to yield 4.88% with a 4.75% coupon. The Series 2009B bonds due in 2025 were priced to yield 4.88% with a 5.25% coupon.