Summary: Round Rock Transportation System Development Corp., Texas; Sales Tax
- ID: 1753979
- May 2011
- Region: Texas
- Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Round Rock Transportation System Development Corp., Texas' series 2011 senior-lien sales tax revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA' underlying rating (SPUR) on the development corporation's senior-lien sales tax revenue debt outstanding. The outlook on all ratings is stable. The ratings reflect our view of the development corporation's: Diverse local economy, coupled with access to the Austin MSA; Strong maximum annual debt service (MADS) coverage of about 7.39x in fiscal 2010; and Adequate legal provisions, including an additional bonds test (ABT) that requires a minimum 1.40x MADS coverage. These strengths are offset, in part, by our view of the high concentration of sales...
Companies mentioned in this report are: Round Rock Transp Sys Dev Corp
Action: New Rating
Action: Outlook: Stable
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