Standard&Poor's Ratings Services assigned its 'A' long-term rating to Wharton, Texas' series 2013 tax and revenue certificates of obligation and general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the city's previously issued debt. The outlook is stable. The rating reflects our view of the city's: Property tax base, which, despite recent steady growth, remains moderately concentrated in plastics manufacturing; and Historically strong general fund reserves, although the level of liquidity is only adequate. Partly offsetting the above strengths, in our view, are the city's: Limited economy, with adequate but below-average income levels; Moderately high overall net debt; and Significant portion of general fund assets
