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Baytown, Texas; General Obligation Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Baytown, Texas' series 2011 general obligation (GO) refunding bonds. In addition, Standard & Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on the city's outstanding GO debt. The outlook on all bonds is stable. The rating reflects our view of the city's: Deep and stable economy, with access to the stable Houston metropolitan statistical area; Steady payments from a payments-in-lieu-of-taxes (PILOTs) agreement with industrial districts, which account for a significant portion of its revenue stream; and Very strong financial position, coupled with very strong reserves. In our view, the rating is offset by the city's: Higher-than-average property tax rate compared to surrounding cities, which limits revenue-raising flexibility; and...
Companies mentioned in this report are: Baytown
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
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