Summary: Kerrville, Texas; General Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Kerrville, Texas' series 2011A combination tax and revenue certificates of obligation. At the same time, Standard & Poor's affirmed its 'AA-' long-term and underlying ratings on the city's general obligation (GO) debt outstanding. The outlook on this debt is stable. The ratings reflect what we view as the city's: Stable local economy and strong wealth levels; Very strong financial position; and Strong financial management practices. These strengths are offset in part by what we consider Kerrville's: Additional capital needs in the next two years; Adequate income levels; and Limited, but expanding, local employment base that is somewhat reliant on the more cyclical tourism industry. The certificates...

Companies mentioned in this report are: Kerrville
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.

Kerrville

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