Summary: Houston; Miscellaneous Tax

Standard&Poor's Ratings Services assigned its 'A-' rating to Houston's (Convention and Entertainment Facilities Department) series 2015 hotel occupancy tax and special revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'A-' long-term rating and underlying rating (SPUR) on the city's parity debt. The outlook is stable. The series 2015 bonds and parity debt are payable from a first-lien pledge of certain revenues, which consist of: a 5.65% citywide hotel occupancy tax (HOT), and parking revenues from certain city-owned parking facilities. A reserve funded at average annual debt service on all parity bonds provides liquidity for debt service. The 2015 bond proceeds will be used primarily to refund the city's existing series 2011B bonds and series

...Standard & Poor's Ratings Services assigned its 'A-' rating to Houston's (Convention and Entertainment Facilities Department) series 2015 hotel occupancy tax and special revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'A-' long-term rating and underlying rating (SPUR) on the city's parity debt. The outlook is stable. The series 2015 bonds and parity debt are payable from a first-lien pledge of certain revenues, which consist of: a 5.65% citywide hotel occupancy tax (HOT), and parking revenues from certain city-owned parking facilities. A reserve funded at average annual debt service on all parity bonds provides liquidity for debt service. The 2015 bond proceeds will be used primarily to refund the city's existing series 2011B bonds and series A subordinate-lien notes, expected to produce $6.9 million in estimated net present value savings. The ratings reflect our view of the city's:...

Summary