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...
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Action: New Rating
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