Summary: Midland, TX; Tax Secured, General Obligation Feb 03
- ID: 2044696
- February 2003
- Standard & Poors
The 'AA' rating on Midland, Texas' tax and limited pledge revenue certificates of obligation reflects the city's: Stable, diversified economic base, which is still concentrated in the petroleum industry; History of cyclical sales tax collections due to a petroleum-based economy; Consistently strong financial management and position; and Low overall debt burden, coupled with limited future capital needs. The city's limited-tax pledge secures the bonds. Midland, which is in west Texas, serves as headquarters for several petroleum companies that have extensive mineral exploration, drilling, production, and processing activities throughout the Permian Basin. Although the city's leading employers and taxpayers--including Pioneer Natural Resources, ChevronTexaco Corp., and Exxon Mobil Corp.--are in oil and gas production, employment at these firms primarily consists of managerial...
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Action: New Rating
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