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Summary: Corsicana, Texas; General Obligation Jan 07
Standard & Poors, January 2007
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:
Action: New Rating
Action: Outlook: Stable
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