The 'BBB+' rating on Wharton, Texas' bonds reflects the city's: Tax base, which is concentrated in plastics manufacturing; Low wealth and income levels; and Moderately high debt burden. Offsetting strengths include Wharton's: Good financial position, and Increasing property value. An ad valorem tax levied on all taxable property in the city secures the bonds. Wharton, with a population of 9,237, is 55 miles southwest of Houston, Texas in Wharton County. Traditionally, the city's economy is 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 Corp., U.S.A.: Nan Ya Plastics Corp.
