The 'A+' rating on Texas City, Texas' combined tax and revenue certificates of obligation is based on the city's full faith and credit pledge. The rating reflects the city's: Substantial economic and tax base, 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: A highly concentrated tax base, and Below-average income levels. Located on the Gulf Coast, Texas City, with a population of 43,000, is a deepwater port nine miles north of Galveston, Texas and 35 miles southeast of Houston, Texas. The economy and tax base are dominated by the petrochemical industry, including the largest gasoline refinery operated by BP Amoco Oil Co.
