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Article: Fitch Affirms La Porte, Texas' GOs at 'A+'; Outlook Stable.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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Fitch Ratings affirms its 'A+' rating on La Porte, Texas' (the city) $15.3 million general obligation (GO) bonds and $22.4 million combination tax and revenue certificates of obligation. The Rating Outlook is Stable. The bonds are payable by an ad valorem tax, limited to $2.50 per taxable assessed valuation (TAV), levied against all taxable property within the city.
The 'A+' rating reflects the city's historically solid financial performance, healthy general fund balances, affordable direct debt burden, and rapid principal amortization. Credit risks include tax base concentration in petrochemical and allied industries and an above-average property tax rate and ...