Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A+' from 'A' on Celina, Texas' tax and waterworks and sewer system surplus revenue certificates of obligation, series 2004. The outlook is stable. The raised rating is based on our view of the city's historically strong financial performance and maintenance of very strong reserve levels. The ratings reflect our view of the city's: Direct access to the deep Plano, Texas and northern Dallas MSA economic bases; Strong wealth levels and good income levels; and Very strong financial position. These credit strengths are partly offset, in our view, by the city's: High overall net debt burden, and Elevated debt service carrying charges. The certificates are secured by annual ad valorem
