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Baytown, Texas; General Obligation Feb 12
Standard & Poors, Feb 2012
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Baytown, Texas' series 2012 general obligation (GO) refunding bonds. In addition, Standard & Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on the city's previously issued GO debt. The outlook on all ratings is stable. We believe the rating reflects the city's: Deep and stable economy, with access to the stable Houston metropolitan statistical area; Steady payments from a payments-in-lieu-of-taxes (PILOTs) agreement with industrial districts, which account for a significant portion of its revenue stream; and Very strong financial position, coupled with very strong reserves. In our view, the rating is offset by the city's: Higher-than-average property tax rate compared to surrounding cities, which limits revenue-raising flexibility; and...
Companies mentioned in this report are: Baytown
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.
Research Type: Full Analysis
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