Fitch raises Texas' Harris County revenue bond rating to AA

April 19 Fri Apr 19, 2013 5:35pm EDT

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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."

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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