Standard&Poor's Ratings Services assigned its 'AA' rating, with a stable outlook, to Temple, Texas' series 2009 general obligation bonds and series 2009 general obligation (GO) refunding bonds. Simultaneously, Standard&Poor's affirmed its 'AA' underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. In our view, the rating reflects the city's: Historically strong finances, indicated by strong reserves; Strong financial management practices, which we believe increases the likelihood that the city could withstand fluctuations in the local economy; and Moderate overall debt levels. The rating is constrained by the city's adequate wealth and income indicators. Securing the bonds are the proceeds of an ad valorem tax levied on all taxable property within the city.
