Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Texas City, Texas' series 2012 general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'AA-' long-term and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. The ratings reflect our view of the city's: Stable property tax base, with access to the Houston metropolitan statistical area (MSA); Sustained very strong financial performance and position; and Faster than average principal amortization, with limited additional capital needs. Offsetting credit factors include the city's: Highly concentrated property tax base; and Some limitations to the local economic base, as evidenced by the area's adequate, but below average, income levels; Moderately high
