Summary: Pflugerville, Texas; General Obligation Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to Pflugerville, Texas' series 2010 combination tax and revenue certificates of obligation, limited-tax bonds, and limited-tax refunding bonds. At the same time, we affirmed our 'AA-' rating and underlying rating (SPUR) on the city's existing general obligation (GO) debt. The ratings reflect our view of the city's: Limited local economic base, which is gradually expanding due to the city's proximity to the broad and diverse Austin, Texas ('AAA/Stable' GO SPUR) regional economy; Very strong income levels; and Very strong financial reserves. These factors are offset in part by our opinion of the city's: Moderate overall debt levels coupled with elevated carrying charges, and Near-term growth pressures. The city's full faith and...

Companies mentioned in this report are:
- Pflugerville

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.

- Pflugerville

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