Standard&Poor's Ratings Services raised its long-term rating on Horseshoe Bay, Texas' outstanding general obligation (GO) debt one notch to 'AA+' from 'AA' based on our local GO criteria released Sept. 12, 2013. At the same time, Standard&Poor's assigned its 'AA+' long-term rating to the city's series 2014 combination tax and revenue certificates of obligation. The outlook is stable. The rating reflects our assessment of the following factors for the city: Very strong economy, with market value per capita at about $238,100; Very strong budgetary flexibility, with fiscal 2013 audited reserves at 71% of expenditures; Adequate budgetary performance; Very strong liquidity providing very strong cash levels to cover both debt service and expenditures; Strong management with good
