The rating on El Paso, Texas' GO bonds is based on the full faith and credit pledge of the city and reflects its: Economy, which is anchored by the presence of Fort Bliss and the University of Texas; Economic activity spurred by the growth of the maquiladora industry along the Mexican border; Historically strong finances; and Moderate debt burden with future capital needs. El Paso is in west Texas adjacent to the Mexican border and has an estimated population of 638,000. The local economy enjoys the stabilizing presence of Fort Bliss and the University of Texas. On one hand, Fort Bliss supports more than 115,000 combined military and civilian personnel, both active and retired; and its effect on the local
