The 'AA-' rating on Ector County, Texas' certificates of obligation reflects the county's: Inclusion in the Midland-Odessa MSA; Strong financial performance and position; and Low overall debt burden, coupled with a rapid amortization schedule. Offsetting these strengths are the county's: Economic and tax base concentration in the petroleum industry, and Below-average income levels. The county's limited-tax pledge secures the certificates. Located in west Texas in the Permian Basin region, Ector County is a major oil field supply and service center, as well as a retail and medical center for the surrounding region. The tax base is moderately concentrated; and the 10 leading taxpayers, of which seven are in the oil and gas industry, account for nearly 27% of fiscal 2003
