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Allen, Texas; General Obligation May 10
Standard & Poors, May 2010
Abstract
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, due to the city's diverse and rapidly growing economic base and maintenance of a very strong financial position. 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. Credit factors supporting the 'AAA' rating include our opinion of the city's: Economic and property tax base, which has grown rapidly, 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...
Companies mentioned in this report are: Allen
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: Full Analysis
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