Summary: Waco Education Finance Corp., Texas Baylor University; CP; Private Coll/Univ - General Obligation Jan 12
- Language: English
- Published: January 2012
- Region: Texas
The 'AA-' standard long-term rating on Waco, Texas' series 2007 GO bonds reflects the city's: Expanding and diversified economic base--anchored by higher education, light manufacturing, and distribution--that serves as a regional retail and service center; Strong financial management practices and consistently solid financial position; and Moderate overall debt levels with significant support from the city's enterprise funds. These credit strengths are offset by the city's: Below-average income and wealth indicators, and Higher-than-average tax rate compared with other Texas cities. The city's full faith and credit pledge secures the bonds. The city's limited-tax pledge and a limited pledge of surplus net revenues of the city's water and sewer utility system secure the certificates. The 'AA-' Standard & Poor's underlying rating (SPUR)...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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