Summary: Bexar County, Texas; General Obligation Jan 13

Standard & Poors, January 2013

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating to Bexar County, Texas' series 2013 combination tax and revenue certificates of obligation. At the same time, Standard & Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the county's general obligation (GO) debt outstanding. The outlook is stable. The ratings reflect our view of the county's: Diverse economy, which has a strong military and tourism presence but is also expanding into other sectors; Very diverse property tax base, which has until recently experienced significant growth; Very strong level of reserves; and Moderately high overall debt burden due mostly to the significant issuances of underlying entities. The county's limited ad valorem tax pledge secures the certificates of obligation. Further...

Companies mentioned in this report are:
- Bexar Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

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.

- Bexar Cnty

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