DALLAS — Reagan County is the latest small, rural West Texas county to receive an upgrade of its credit from Standard & Poor’s that’s attributable to increased oil and gas drilling in the Permian Basin.

Analysts raised the county’s underlying rating to BBB-plus from BBB, citing the maintenance of solid reserves and assessed-value gains. Although a moderating tax rate, high average debt burden, and minimal capital requirements mitigate the credit’s strengths.

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