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New Hampshire Sells $60 Mln in Bonds

By Munichain News Desk

New Hampshire issued $60 million in bonds to finance various capital projects.

The bonds mature between 2025 and 2044, yielding between 2.65% and 3.58%. They pay interest at 5%. The securities received a rating of AA+ from Fitch Ratings, Aa1 from Moody’s Investors Service, and AA+ from S&P Global Ratings. The rating marked an upgrade from S&P.

The upgrade was driven by “improved economic and demographic growth trends that continue to perform near or above those of the U.S. and regional peers,” S&P analysts wrote.

Fitch analysts wrote that their rating reflects “New Hampshire’s low liabilities and strong budgetary controls, which are offset by somewhat limited financial resilience and growth prospects from a taxation regime that does not fully capture economic growth.”

New Hampshire has fewer revenue sources than many nearby states because it does not impose income or sales taxes, but it is still in a strong economic position, according to the ratings agencies.

The bonds are general obligations of the state, backed by its full faith and credit. 

The issuance is the first general obligation sale by New Hampshire this year. The state sold $77 million in general obligation bonds in 2023.

Hilltop Securities Inc served as underwriter on the issuance. Public Resources Advisory Group acted as financial advisor.

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