Sept 30 Standard & Poor's Ratings Services late
on Friday raised Texas' issuer credit rating to AAA from
AA-plus, with a stable outlook.
The upgrade reflects the state's "strong revenue forecasting
and cash management practices, low overall net debt and
below-average unfunded retirement liabilities and possible
long-term budgetary pressures," the rating agency said in a
S&P said it expects Texas' economic performance will
continue to support its revenue forecast for the 2014-2015
biennium, which has resulted in a stable outlook.
"The stable outlook also reflects our expectation that
state leadership will continue to adhere to the budget and cash
management discipline that has enabled the state to maintain a
strong level of reserves through periods of economic decline,"
the rating agency said in a statement.