The rating on Houston County, Ala.'s bonds reflects the following strengths: * Good demographic trends, * Strong position as a retail center, and * Manageable debt burden. A higher rating is precluded for the county, based on stagnant labor force growth and a two-year financial audit cycle. The county has expanded its area economy from manufacturing, with growth in trade and services employment sectors. Per capita retail sales reflect an increasing trend, surpassing national levels. Located in the southeastern part of the state, within the Dothan metropolitan statistical area (county seat), the city has become the area's medical and business center. Unemployment figures of 3.4% as of March 1996 are below state, regional, and national levels, but labor force growth
