Standard & Poor's Ratings Services raised its long-term and underlying rating to AA-minus from A-plus on White Settlement, Texas' existing general obligation bonds.
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The outlook is stable.
"The raised rating reflects our view of the city's conservative management practices, which have enabled the city to maintain its historically very strong reserve levels," said Standard & Poor's credit analyst Sarah Smaardyk. "And those very strong reserve levels have provided some financial stability to the city despite fluctuations in the tax base."
White Settlement is located in Tarrant County and its residents benefit from the broad and diverse Dallas-Fort Worth-Arlington Metropolitan Statistical Area. Oil field manufacturing drives the local economy.
