Standard & Poor's Ratings Services said it has raised its long term rating to AAA from AA-plus on Allen, Texas' waterworks and sewer system revenue bonds outstanding. The outlook is stable.
"The rating change reflects the trend of very strong coverage and liquidity levels, coupled with projections of a declining debt service schedule," said Standard & Poor's credit analyst James Breeding.
Allen's location in Collin County (AAA general obligation rating) 25 miles north of Dallas' central business district and directly north of Plano (AAA general obligation rating) has contributed to the city's rapid growth as a primarily residential community. The city has experienced rapid population growth, more than doubling overall during the past two decades.