Moody's rates Laredo, Texas, certificates A1, ups other debt

Moody's Investors Service said it assigned an A1 rating to the City of Laredo, Texas' $30.72 million combination tax and revenue certificates of obligation, series 2008A and $47.31 million combination tax and revenue certificates of obligation, series 2008B.

Sale of the bonds is expected on May 20.

At the same time, Moody's said it upgraded to A1 from A2 the rating on the city's $209.7 million in outstanding parity debt.

The upgrade to A1 reflects strong tax base growth reflective of a healthy economy. The upgrade also takes into consideration improved financial operations which includes the adoption of a fund balance in the city charter.

The A1 rating continues to reflect low income levels and high yet manageable debt burdens.

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