Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Temple, Texas' series 2011 limited-tax notes and series 2011 general obligation (GO) refunding bonds and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing GO debt. The rating reflects our view of the city's: Historically strong finances, indicated by strong general fund reserves; Strong financial management practices, which we believe increases the likelihood the city could withstand fluctuations in the local economy; and Favorable location along Interstate 35, between Dallas and Austin, Texas. We believe the city's adequate, but below-average, wealth and income levels constrain the rating. A limited ad valorem tax levied on all taxable property within
