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Combs announces highest ratings for short-term notes
Aug 30, 2014 | 386 views | 0 0 comments | 2 2 recommendations | email to a friend | print
AUSTIN – Wall Street ratings firms have given their highest ratings to this year’s Texas Tax and Revenue Anticipation Notes (TRANs). These annual, one-year notes are sold to help fund school payments and manage cash flow between the start of the fiscal year and the arrival of tax revenue later in the year.

Texas’ 2014 TRANs are rated SP-1+ by Standard & Poor’s, F1+ by Fitch Inc., and MIG 1 by Moody’s Investors Service. This year’s $5.4 billion TRAN sale will take place Aug. 26.

“These top ratings reflect confidence in our state and its economic growth,” said Texas Comptroller Susan Combs. “Our state government continues its pledge to be fiscally responsible by spending taxpayer dollars wisely. This commitment is reflected in the bond rating firms’ confidence that Texas TRAN notes are a solid investment.”

Noting that Texas is borrowing $1.8 billion less than in 2013, Standard & Poor’s commented, “We believe that the declining trend in annual cash borrowing needs is a reflection of Texas’ strong economic and revenue performance.”

Texas has sold TRANs since fiscal 1987. This year’s TRAN sale will take place Tuesday, Aug. 26, from 9-10 a.m. CDT at www.trantexas.com. The notes will be repaid on Aug. 31, 2015.
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