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Summary: Garland, Texas; Water/Sewer May 11

  • ID: 1804414
  • May 2011
  • Region: Texas
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'AA' rating and stable outlook to Garland, Texas' series 2011 water and sewer system revenue bonds. At the same time, Standard & Poor's affirmed its 'AA' underlying rating (SPUR) on the city's parity revenue debt. The ratings reflect our view of the system's general creditworthiness, including: The stable and diverse service area economy, which participates in the Dallas-Fort Worth metropolitan area, as well as the customer base's above-average wealth; The water system's role as a distributor of North Texas Municipal Water District treated water, greatly reducing operational and financial risk to the city; and The system's sound overall financial position. A first-lien net revenue pledge of the waterworks and sanitary sewer system secures...

Companies mentioned in this report are:
- Garland

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

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