Standard&Poor's Ratings Services assigned its 'A+' long-term rating, and stable outlook, to Gulf Coast Water Authority, Texas' series 2011C water system contract revenue refunding bonds, issued for Texas City, Texas, and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the system's existing water system contract revenue debt. The rating reflects our opinion of the Texas City utility system's: Underlying credit characteristics -- The system pays debt service on the authority's bonds as part of its operating expense; Good water supply and infrastructure status; and Strong financial operations and coverage. Offsetting factors include our opinion of the city's: Concentrated economic base in the petrochemical industry; and Adequate, yet below-average, income levels. A first-lien pledge on revenues
