OREANDA-NEWS. S&P Global Ratings assigned its 'A+' long-term rating to Laredo, Texas' $9.3 million series 2016 senior-lien international toll bridge system revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city's senior international toll bridge system revenue bonds outstanding and its 'A' SPUR on the city's subordinate international toll bridge system revenue bonds outstanding. The outlook on all ratings is stable.

"The ratings reflect our view of the bridge system's diversity, little competition from other bridges, and strong pro forma total debt service coverage," said S&P Global Ratings credit analyst Mary Ellen Wriedt.

Laredo owns and operates the international bridge system and operates it as a separate enterprise. The system includes portions of four bridges within the U. S. that cross into Mexico. The city operates under a council-manager form of government, with a city council that includes the mayor and eight council members. The bridge director manages the system and reports directly to the city manager. Laredo's city council must approve any changes to the system toll rates.