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Summary: Midland, Texas; General Obligation Jan 09

  • ID: 2043776
  • January 2009
  • Region: Texas
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services has raised its standard long-term and underlying rating (SPUR) on Midland, Texas' general obligation (GO) debt to 'AA+' from 'AA', reflecting a long history of conservative budgeting practices that have produced consistently stable fiscal results. In addition, Standard & Poor's assigned its 'AA+' standard long-term rating to Midland's $10 million series 2009 tax and limited pledge revenue certificates of obligation. The ratings reflect the city's: Increasingly diversified economy that remains anchored by a prominent, but cyclical, oil and gas production sector; Role as a regional retail and service center; Consistently sound financial management and position; and Low overall debt burden, coupled with limited capital needs in the future. The city's full faith and credit pledge...

Companies mentioned in this report are:
- Midland

Action: New Rating
Action: Upgraded

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, READ MORE >

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Midland

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