S&P assigns AAA/A-1+ to Houston utility bonds

Standard & Poor's said it assigned an AAA/A-1+ rating to Houston's' $132.01 million series 2008D-1 combined utility system first-lien revenue refunding bonds. The outlook is stable.

The bonds are due May 15, 2034.

S&P assigned its AA underlying rating to the utility system. The long-term rating is based on a bond insurance policy provided by Financial Security Assurance Inc. (AAA/stable) and the short-term rating on a standby bond purchase agreement provided by Dexia Credit Local (AA/A-1+).

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