The underlying rating assigned to Texas City, Texas' bonds reflects: * A concentrated tax and employment base, * Sound financial performance, and * A high debt burden. Texas City is a deep-water port located nine miles north of Galveston and 35 miles southeast of Houston. The economic base includes a significant presence in the petrochemical industry, including the largest gasoline refinery operated by Amoco Oil Co. The port has also attracted large investments by Union Carbide Inc. and Sterling Chemicals Inc., who all operate facilities here. As a result of the industrial activity, the tax base is very large at $4.3 billion, though also very concentrated with 61.1% of the base held by the top 10 taxpayers and 28% by
