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S&P raises Texas's issuer credit rating to AAA
September 30, 2013 / 4:25 PM / in 4 years

S&P raises Texas's issuer credit rating to AAA

Sept 30 (Reuters) - 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 statement.

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.

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