Fitch rates N.H.’s bonds at ‘AA’

Fitch Ratings has assigned an AA rating to the state of New Hampshire’s $75 million 2005 Series C general obligation refunding bonds.

Fitch said it based its ratings on New Hampshire’s strong economy, good debt position, job and income growth, and strengthening financial performance, including a $15 million operating surplus in fiscal 2004 and a preliminary surplus of $66.9 million in fiscal 2005.

Detracting issues, the company said, were the state’s reliance on volatile taxes and a relative scarcity of reserves.

Fitch also gave an AA rating to approximately $633.7 million in outstanding GO bonds.

The Series C GO bonds are expected to be sold on Dec. 6. — CINDY KIBBE