Bangkok--13 Jan--Standard & Poor's
Standard & Poor's Ratings Services placed its 'A-' underlying rating (SPUR) on Gulf Coast Water Authority (Galveston), Texas' water revenue bonds on CreditWatch with negative implications in response to recently disclosed information released by the city of Galveston in relation to the effects of Hurricane Ike on Galveston.
While the exact long-term effects the hurricane will have on the local economy, and consequently on government revenues and short-term cash flows, are unknown at this time, it is anticipated that some tourism and sales tax revenues will be lost. In addition, any loss of the tax and employment bases due to the island's shore being washed away may also strain the city and its tax collections.
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Paul Jasin, Dallas (1) 214-871-1424
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