Houston, Texas; Joint Criteria; Water/Sewer May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Houston, Texas' combined utility system's (CUS) previous ordinance bonds one notch to 'AA+' from 'AA' based on Standard & Poor's assessment of the lien's closed nature supporting those bonds and the high debt service coverage (DSC) associated with the bonds. The outlook is stable. Standard & Poor's also assigned its 'AA' long-term rating, and stable outlook, to the city's series 2011D CUS first-lien revenue bonds. Net revenues of the CUS secure the bonds, which are subordinate to the lien securing the previous ordinance bonds. The ratings reflect our opinion of the system's: Deep and diverse service area economy and customer base; Strong operational characteristics that further position it as...
Companies mentioned in this report are:
- Houston
- Coastal Wtr Auth
Action: New Rating
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
- Houston
- Coastal Wtr Auth
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