Fitch raises Texas' Harris County revenue bond rating to AA
April 19 (Reuters) - Fitch Ratings on Friday raised the rating on Harris County, Texas, senior lien toll revenue bonds to AA from AA-minus, affecting about $2 billion of debt.
The upgrade of the bonds that were issued on behalf of the Harris County Toll Road Authority reflects strong financial flexibility and cash position, the ratings agency said in a statement.
Fitch said the authority's strong cash position of at least $800 million in the past six years has enabled it to generate annual surpluses, which allow them to fund "a large portion of any potential projects, thereby limiting its need to borrow additional debt."
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- Scots spurn independence in historic vote, nationalist leader resigns |
- Eight bodies found after attack on Guinea Ebola education team
- Special Report: Scotland stays in UK, but Britain faces change
- Alibaba expected to rise more than 30 percent in trading debut |