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S&P ups Laredo, Texas, rates G.O.s AA-
Standard & Poor's said it raised the underlying rating on Laredo, Texas' outstanding general obligation bonds to AA- from A+ due to the city's good financial management and capital planning and strong general fund reserve.
The agency also assigned an AA- long-term rating to the city's series 2008 certificates of obligation for $47.31 million combination tax and waterworks and sewer system revenue bonds, series 2008B, due Feb. 15, 2033 and $30.72 million combination tax and revenue certificates of obligation, series 2008A, due 2009 to 2028.
The bonds priced on May 15.
The outlook is stable.
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