Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on Houston, Texas' previously issued general obligation (GO) commercial paper (CP) notes. The rating reflects our view of the city's strong general creditworthiness ('AA' GO debt rating), and a limited ad valorem tax levied on taxable property in the city that secures the notes. As of Jan. 31, 2016, there was about $176.9 million of CP notes outstanding across all of Houston's GO CP programs. For its series E-1 program, Houston has entered into a credit agreement with Citibank N.A. that is due to expire on July 13, 2018, with provisions for extension. The agreement will cover $100 million of principal and accrued interest for the E-1 notes. We understand
