Summary: San Marcos, Texas; General Obligation Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to San Marcos, Texas' series 2010 general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. The ratings reflect our view of the city's: Role as a retail and distribution center in central Texas, and its direct access to both the Austin, Texas and San Antonio, Texas MSAs; Diverse tax base, coupled with historical assessed value (AV) growth, despite a minimal decline in fiscal 2011; and Strong financial performance and high reserves, which are boosted by the city's strong financial management policies. These strengths are somewhat offset...

Companies mentioned in this report are:
- San Marcos

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.

- San Marcos

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