Travis County bond rating elevated, Fitch cites Austin's 'resilient economy'

Posted: Fri, 29 Jan 2010 09:26 PM - 12,318 Readers

Fitch Ratings elevated Travis County Emergency Services' District 1 bond rating to "BBB+" from "BBB" Thursday, citing Austin's "resilient area economy."

The North Lake Austin fire protection and emergency services team has $1.5 million in outstanding limited general obligation bonds issued in 2002. Fitch gave a stable rating outlook, which was unchanged.

The release attributed the upgrade to improved liquidity ratios and tax collection rates along with consistent tax base growth. The district also maintained consistently strong unreserved general fund balances.

"The rating further reflects Austin's resilient area economy, demonstrating low unemployment, above-average household wealth levels and strong local housing markets despite the national recession," the report said.

Officials kept the rating at B level because the district is operating at maximum taxing capacity and has high levels of net debt.

* Story Contributed by: Austin Business Journal

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