- Language: English
- Published: September 2011
- Region: Michigan
Summary: Midland, TX; Tax Secured, General Obligation Feb 03
- Published: 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...
Companies mentioned in this report are:
Action: New Rating
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. SHOW LESS READ MORE >