Baytown, Texas; General Obligation Feb 12

  • ID: 2049866
  • February 2012
  • Region: Texas
  • Standard & Poors
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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

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Research Type: Full Analysis

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