bloggin' all things brownsville

Wednesday, September 17, 2008

Fitch Rates Cameron County's 2008 Bonds & Certificates of Obligation 'A+'


Fitch Ratings has assigned an 'A+' rating today to the following debt issues for Cameron County, TX (the county):

--$2.6 million unlimited tax road bonds, series 2008;
--$16 million certificates of obligation (COs), series 2008.

The bonds are scheduled to price the week of Sept. 29 via negotiation. Additionally, Fitch has affirmed the 'A+' rating on the county's outstanding debt, consisting of the following:

--$20.3 million limited tax bonds;
--$2.8 million unlimited tax bonds;
--$30.7 million COs.

The Rating Outlook is Stable.

According to Fitch Ratings, "the 'A+' rating reflects the county's recovery of its financial position, positive debt profile, solid tax base growth, low but rapidly growing wealth levels, reliance on international toll bridge system surplus revenues and strategic border location and access to the Gulf Coast transportation network that benefits its growing international trade activity.

For more information, click here.

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