The rating on Wharton, Texas' bonds reflects the following credit characteristics: A tax base concentrated in plastics manufacturing, Low wealth and income levels, and A moderately high debt burden. Offsetting strengths include Wharton's good financial position and increasing property value. The bonds are secured by an ad valorem tax levied on all taxable property located within the city. Wharton (population 10,300) is located 55 miles southwest of Houston in Wharton County. Wharton's economy is traditionally agricultural, providing rice, corn, cotton, and other agricultural products. While farming remains a major segment of the local economy, the city's industrial base is heavily concentrated in plastics manufacturing. The dominant local taxpayers are two units of Formosa Plastics (USA)—Nanya Plastics (28.8% of total assessed
