Houston Continues To Assess Damage And Impact From Hurricane Harvey

DALLAS (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings today said it continues to evaluate the short- to medium-term credit impacts, if any, of Hurricane Harvey on the City of Houston. Houston's general obligation bonds are rated 'AA' with a negative outlook. In our view, Houston's general fund reserves, historically very strong liquidity levels, and proactive management all bode well for continued operations while the city evaluates the damage inflicted on local property and infrastructure. Damage to city properties is initially estimated at about $175 million; however, historically, damage estimates associated with catastrophic events such as hurricanes can fluctuate as more information is gathered. Gov. Abbott recently gave the city $50 million from an emergency disaster fund that his office

...DALLAS (S&P Global Ratings) Oct. 3, 2017--S&P Global Ratings today said it continues to evaluate the short- to medium-term credit impacts, if any, of Hurricane Harvey on the City of Houston. Houston's general obligation bonds are rated '##' with a negative outlook. In our view, Houston's general fund reserves, historically very strong liquidity levels, and proactive management all bode well for continued operations while the city evaluates the damage inflicted on local property and infrastructure. Damage to city properties is initially estimated at about $175 million; however, historically, damage estimates associated with catastrophic events such as hurricanes can fluctuate as more information is gathered. Gov. Abbott recently gave the city $50 million from an emergency disaster fund that his office oversees. The majority of the funds will be used for debris removal and future flood insurance. We expect more information regarding short- to medium-term impacts to be available over the next...

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