Bangkok--26 Jan--Standard & Poor's
Standard & Poor's Ratings Services has corrected its underlying rating (SPUR) on Portland, Texas' series 2004 utility system revenue bonds. The rating was raised to 'A' from 'A-'. Although the bonds are on parity with other obligations secured by the city's net utility system revenues, we inadvertently did not include them in a rating action on Nov. 17, 2008, raising the rating on these other obligations. For more information, see the report titled "130 Municipal Water And Sewer Issuers Are Upgraded After Recent Criteria Revision" published Nov. 17, 2008, on RatingsDirect.
The outlook is stable reflecting the expectation for maintenance of adequate coverage and liquidity levels.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
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Theodore Chapman, Dallas (1) 214-871-1401
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