Summary: Pearland, Texas; General Obligation Feb 09

Standard & Poors, February 2009

Abstract
The Standard & Poor's underlying rating (SPUR) on Pearland, Texas' general obligation debt has been raised to 'AA-' from 'A+', based on the maintenance of very strong general fund reserves, coupled with good financial management practices. The 'AA-' standard long-term rating assigned to the city's series 2009 certificates of obligation and on its previously issued debt continues to reflect the city's: Rapidly diversifying tax base, with easy access to employment opportunities throughout the Houston metropolitan area, Very strong wealth and income indicators, and Very strong financial performance. Limiting credit factors include the city's: High overall debt burden, and Significant capital needs to address growth-related pressures. The city's ad valorem property tax pledge secures the certificates of obligation. Officials will use...

Companies mentioned in this report are: Pearland
Action: New Rating
Action: Outlook: Stable
Action: Upgraded

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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.

Pearland

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