Standard&Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Texas City, Texas' series 2005 GO bonds and series 2005 certificates of obligation. The rating reflects the city's: Sizable economic and property tax base, which are concentrated in the petrochemical industry; Sustained sound financial performance and position; and Moderate overall debt burden, coupled with manageable future capital needs. Offsetting credit factors include the city's: Highly concentrated property tax base; Challenges related to a pending lawsuit with BP Amoco over its property values, coupled with the loss of Wal-Mart Stores Inc. and Kmart Corp., two important sales tax providers; and Below-average income levels. The city's full faith and credit pledge secures the bonds. Located on the Gulf Coast,
