Summary: Port Aransas, Texas; General Obligation Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Port Aransas, Texas' series 2012 general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) on the city's GO debt outstanding. The outlook on all ratings is stable. The ratings reflect our view of the city's: Good income levels and extremely strong property wealth, coupled with a lack of taxpayer concentration; Competitive property tax rate, compared with those of surrounding cities; and Low overall net debt burden as a percent of market value, as well as rapid debt service amortization and limited future capital needs. The preceding credit strengths are offset in part by our view of: The city's somewhat limited local...

Companies mentioned in this report are: Port Aransas
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

Port Aransas

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