Moody's Investors Service said it upgraded to Baa1 from Baa2 the rating on Old Spanish Trail/Almeda Corridors Redevelopment Authority, Texas's tax increment contract revenue bonds, affecting $26.3 million in outstanding debt.

The bonds are secured by tax increment revenues, additional money and property deposited with the trustee, and earnings and investments.

The upgrade to Baa1 reflects the Authority's growing and mature tax base, history of strong financial management and reserves, and healthy debt service coverage levels. The rating also incorporates the Authority's tax base concentration, limited revenue raising ability, and adequate legal structure.

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