WASHINGTOG -- Peace is hell. At least that is the way some local officials may come to view the economic and credit impact of the U.S. military's base closures and down-sizings slated to go into effect over the next six years.

But officials in other communities could gain economically as the military shifts more resources to the bases that remain open. And officials in towns with closed bases could find economically enriching alternative uses for the facilities, a Standard & Poor's Corp. analyst says in a recent article.

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