Summary: Corsicana, Texas; General Obligation Jan 07

Standard & Poors, January 2007

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' standard long-term rating, and positive outlook, to Corsicana, Texas' series 2007 combination tax and revenue certificates of obligation and affirmed its 'BBB+' Standard & Poor's Underlying Rating (SPUR), with a positive outlook, on the city's preexisting GO debt. The ratings reflect the city's: Above-average debt burden, coupled with additional capital needs; and Below-average wealth and income. These weaknesses are mitigated, in part, by the city's: Role as a manufacturing and distribution center with direct highway access to Dallas, Texas; Healthy property tax base growth; and Improving financial position. An unlimited ad valorem property tax pledge secures the bonds and certificates. Officials will use certificate proceeds to update and improve the city's waterworks...

Companies mentioned in this report are:
- Corsicana

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Corsicana

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