MOODY'S ASSIGNS P-1 RATING TO CITY OF HOUSTON'S G.O. COMMERICAL PAPER NOTES, SERIES J

Posted on: May 18, 2010, 5:40 pm

NEW YORK, May 18, 2010 -- Moody's Investors Service has assigned a P-1 rating to the City of Houston's General Obligation Commercial Paper Notes, Series J, which is sized at $125 million. The P-1 rating on the General Obligation Commercial Paper Notes, Series J (the Notes) is based upon the Credit Agreement provided by State Street Bank and Trust Company, and the likelihood of termination of the Credit Agreement without payment of the commercial paper notes. Events, which would cause the Credit Agreement to terminate without payment of the commercial paper notes, are directly related to the credit quality of the City of Houston. The long term and short term ratings of State Street Bank and Trust Company are Aa2/P-1...

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