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Allen, TX's GO SPUR Raised To 'AAA' On Rapidly Growing Economic Base May 10
Standard & Poors, May 2010
Abstract
DALLAS (Standard & Poor's) May 3, 2010-- Standard and Poor's Rating Services raised its long-term and underlying rating (SPUR) to 'AAA' from 'AA+' on Allen, Texas' outstanding general obligation (GO) bonds. At the same time, Standard & Poor's assigned its 'AAA' long-term rating to the city's series 2010 GO bonds. The outlook is stable. 'The raised rating reflects our view of the city's diverse and rapidly growing economic base and maintenance of a very strong financial position,' said Standard & Poor's credit analyst Jennifer Garza. 'The rating is further supported by the city's high wealth and income levels and access to the large and diverse north-central Texas employment base.' City officials plan to utilize proceeds from the sale of the...
Companies mentioned in this report are: Allen
Action: New Rating
Action: Outlook: Stable
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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