Standard & Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Lawton, Okla.'s series 2005 GO bonds and series 2005 limited-tax GO bonds. The rating reflects the city's: Stable regional trade- and service-based economy, which is anchored by Fort Sill Military Base; Steady sales tax growth; and Average overall debt levels, coupled with rapid debt amortization. These factors are offset, in part, by the city's: Two consecutive years of projected general fund drawdowns in fiscals 2005 and 2006; Below-average wealth and income levels; and Dependence on sales tax revenue, which is more exposed to economic downturns. The city's full faith and credit pledge secures the GO bonds. A city ad valorem tax not to exceed five mills secures...
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