NEW YORK, Aug 19, 2010 -- Moody's Investors Service has affirmed the P-1
rating assigned to the State of Texas' General Obligation Commercial
Paper Notes (Cancer Prevention and Research Institute of Texas), Taxable
Series A and Tax-Exempt Series B, issued through the Texas Public
Finance Authority, in conjunction with the expansion of the liquidity
agreement provided by the state comptroller to $450 million. The
comptroller provides liquidity facilities to several state agency
issuers, and during the past year has expanded its liquidity commitments
to provide certain state issuers a lower cost alternative to liquidity
facilities provided by external banks. The P-1 rating reflects the
liquidity agreement provided by the state comptroller and the likelihood
of its termination without payment of the notes. Events that could cause
the liquidity agreement to terminate without payment of the notes are
directly related to the credit quality of the State of Texas; the
state's general obligation rating is Aaa with a stable outlook. For our
full discussion of the Texas' credit quality, see our report dated June
11, 2010...