Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Biloxi, Miss.' series 2013 taxable special obligation bonds. At the same time, Standard&Poor's affirmed its 'AA-' rating on the city's general obligation (GO) debt outstanding based on our recently released local GO criteria. The outlook is stable. A pledge of the city's full faith and credit secure the bonds. The rating reflects our assessment of the following factors for the city: Weak economy, which benefits from the stabilizing presence of Keesler Air Force Base; Very strong budgetary flexibility, with fiscal 2012 audited reserves at 20% of general fund expenditures; Adequate budgetary performance; Very strong liquidity providing very strong cash levels to cover both debt service and expenditures;
