The rating on El Paso, Texas' debt reflects: * Economic activity drawn to the largest U.S. city on the Mexican border, * Stabilizing economic presence of Fort Bliss and the University of Texas, * Moderating expenditure growth and good reserves, and * Manageable though growing debt burden. El Paso's (population 617,000) economy is tied closely to U.S.-Mexican trade. Some 320 maquiladora manufacturing plants linked with Ciudad Juarez in Mexico have contributed to economic growth and diversification, and the low cost of doing business in El Paso continues to attract new investment from even Asian and European firms. El Paso is also a regional center anchored by 20,000 troops and civilians at Fort Bliss and 15,400 students at the University of
