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
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. SHOW LESS READ MORE >