Summary: Midland, Texas; General Obligation Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Midland, Texas' series 2012 tax and limited pledge revenue certificates of obligation. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's existing general obligation debt. The outlook is stable. The ratings reflect our view of the city's: Low level of funding interdependence with the federal government; Diversifying economy that remains anchored by a prominent, but cyclical oil and gas production sector; Strong wealth and income levels; Very strong financial position, as evidenced by the historical maintenance of reserves in excess of 36% of general fund expenditures. The preceding credit strengths are offset in part by our view of the...

Companies mentioned in this report are: Midland
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.

Midland

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