Standard & Poor’s has raised its rating on Concord, N.H.’s general obligation debt to AA-plus from AA citing its effective management.
The city has $81.3 million in outstanding debt.
“The upgrade follows a trend of robust operating results driven by conservative budgeting practices and strong proactive financial management,” Standard & Poor’s credit analyst Victor Medeiros said.
For 2013 the city is projecting an operating surplus that would increase reserves to very strong levels, Madeiros wrote in a press release. Furthermore, Madeiros wrote that the city maintains strong and sustainable financial management policies. These will sustain operating performance and reserves through varying economic cycles.
Madeiros also cited the stable economic base of government employment in Concord, the state capital.
The city has very strong per capita market value, good household income measures and low unemployment. The city has strong and capable management, he wrote.
Concord has a moderate overall net debt burden and an aggressive amortization schedule.
Moody’s Investors Service rates Concord Aa1.