Summary: Harris County, Texas; General Obligation Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Harris County, Texas' series 2011A permanent improvement refunding bonds. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the county's general obligation (GO) bonds outstanding and Harris County Flood Control District's contract tax refunding bonds outstanding. The outlook is stable. The ratings reflect our view of the county's: Substantial and diversified economic and property tax base; Expected improvement in its financial reserve levels, which had declined to merely adequate levels; Additional financial resources available through surplus toll road revenues; Strong financial management; and Relatively low level of funding interdependencies with the federal government. The county's ad valorem tax levied, within the...

Companies mentioned in this report are:
- Harris Cnty
- Harris Cnty Flood Cntl Dist

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

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Harris Cnty
- Harris Cnty Flood Cntl Dist

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