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Baytown, Texas; General Obligation Jan 10
Standard & Poors, Jan 2010
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Baytown, Texas' $16 million series 2010 general obligation refunding bonds and $10 million series 2010 combination tax and revenue certificates of obligation. In addition, Standard & Poor's affirmed its 'AA' long-term and underlying ratings on the city's previously issued general obligation (GO) debt. The outlook is stable. We believe the rating reflects Baytown'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 following factors offset the ratings: Higher-than-average property tax rate...
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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