Summary: Port of Houston Authority, Texas; General Obligation Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Port of Houston Authority, Texas' series 2010D unlimited tax port improvement and refunding bonds and series 2010E unlimited tax refunding bonds. The 'AAA' rating reflects our view of: The underlying property tax base's ongoing expansion and diversification, coupled with a very low tax rate; County commissioner oversight and tax-setting authority; The authority's positive financial position; The port's status as one of the nation's premier ports; and The authority's low direct debt burden, allowing for a substantial authorized capital program. The authority's full faith and credit taxing pledge secures the bonds. The bonds are secured by an unlimited ad valorem tax levied against all taxable property within...

Companies mentioned in this report are: Port of Houston Auth
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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