...Standard & Poor's Ratings Services affirmed its 'A-1+' short-term rating on Houston's general obligation (GO) commercial paper (CP) notes. The rating reflects our view of the city's strong general creditworthiness ('##+' GO debt rating) and limited ad valorem taxes levied on taxable property in the city that secure the notes. As of Feb. 2, 2015, there was about $97 million of CP notes outstanding across all programs. Houston is replacing its liquidity agreement supporting the series G-1 notes. Liquidity support for the G-1 notes is currently provided through credit agreements with Comerica Bank, which expire on Feb. 26, 2015. The city has entered into a credit agreement with Mizuho Bank Ltd. (acting through its New York Branch) effective on Feb. 12, 2015, and expires on Feb. 12, 2018, with provisions for extension. The agreement with Mizuho covers the G-1 program for $75 million of principal and an estimated $5.55 million of interest. Liquidity support for the series G-2 notes is currently...
