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Article: Fitch Upgrades Las Cruces, New Mexico GRT Bonds; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- October 7, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AUSTIN -- During the course of routine surveillance, Fitch Ratings upgrades its rating on Las Cruces, New Mexico's outstanding $33.8 million gross receipts tax revenue bonds (state shared) to 'AA-' from 'A+'. The bonds are special, limited obligations of the city payable and secured by the city's 1.225% state-shared gross receipts tax (GRT). The Rating Outlook is Stable.
The upgrade to 'AA-' reflects the city's strengthened financial profile, characterized by very healthy operating reserves, a moderate debt burden, a diverse area economy and high debt service coverage from pledged revenues. The rating further incorporates the city's heavy reliance on GRT revenues ...
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