Summary: Port of Houston Authority, Texas; General Obligation Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating to Port of Houston Authority, Texas' series 2011A unlimited-tax refunding bonds (AMT). Standard & Poor's also affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the port's debt outstanding. The outlook is stable. The 'AAA' ratings reflect our assessment of: The underlying property tax base's ongoing expansion and diversification, coupled with a very low tax rate; County commissioners' oversight and tax-setting authority; The authority's strong cash operating position; The port's status as one of the nation's premier ports; The authority's low direct debt burden, and Relatively low level of funding interdependencies with the federal government. The bonds are secured by an unlimited ad valorem tax levied against all taxable property...
Companies mentioned in this report are: Port of Houston Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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.
Port of Houston Auth
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