S&P ups Garland, Texas, ratings on G.O. water bonds

Standard & Poor's said it raised its standard long-term rating and underlying rating on Garland, Texas' $213 million existing general obligation debt to AA+ from AA and assigned that AA+ rating to Garland's $16 million series 2008 combination tax and revenue certificates of obligation and $61.2 million series 2008 G.O. bonds.

The upgrade reflects strong financial management practices and financial performance. S&P said.

At the same time, S&P raised its rating on Garland's water and sewer system revenue bonds to AA from AA- and assigned the AA rating to Garland's $41.8 million series 2008 water and sewer system revenue bonds.

The upgrade, affecting $135 million in outstanding revenue bonds, is based on the city's strong history of adjusting rates to maintain strong net margins of all obligations supported by the system, S&P said.

The outlook on the G.O. debt and water system bonds is stable.

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