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Allen, Texas; General Obligation May 11
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Standard and Poor's Rating Services assigned its 'AAA' long-term rating to Allen, Texas' series 2011 general obligation (GO) refunding and improvement bonds. At the same time, Standard & Poor's affirmed its 'AAA' long-term and underlying rating (SPUR) on the city's outstanding GO bonds. The outlook on all bonds is stable. Credit factors supporting the 'AAA' rating include our opinion of the city's: Rapidly growing economic and property tax base to include a diverse mix of residential, commercial, and industrial components; High wealth and income levels; Access to the large and diverse north-central Texas employment base; History of very strong reserve levels and thorough planning processes; and Moderately high overall net debt levels. An ad valorem property tax pledge secures the...
Companies mentioned in this report are: Allen
Action: New Rating
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