Austin, TX Combined $255M Series 2023 Bonds Assigned ?AAA? Rating; Outlook Is Stable

NEW YORK (S&P Global Ratings) Aug. 28, 2023--S&P Global Ratings assigned its 'AAA' rating to Austin, Texas' series 2023 issuances of $220.845 million public improvement and refunding bonds, $25.57 million certificates of obligation, and $8.745 million public property finance contractual obligations. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's general obligation (GO) debt and certificates of obligation outstanding. Lastly, S&P Global Ratings affirmed its 'AA+' rating on Mueller Local Government Corp., Texas' appropriation debt, supported by the city. The outlook is stable. "The rating reflects our view of the city's robust and growing local economy, very strong management, strong budgetary performance, and very weak debt-and-contingent-liability profile," said S&P Global Ratings credit analyst Stephen Doyle.

...August 28, 2023 NEW YORK (S&P Global Ratings) Aug. 28, 2023--S&P Global Ratings assigned its '###' rating to Austin, Texas' series 2023 issuances of $220.845 million public improvement and refunding bonds, $25.57 million certificates of obligation, and $8.745 million public property finance contractual obligations. At the same time, S&P Global Ratings affirmed its '###' rating on the city's general obligation (GO) debt and certificates of obligation outstanding. Lastly, S&P Global Ratings affirmed its '##+' rating on Mueller Local Government Corp., Texas' appropriation debt, supported by the city. The outlook is stable. "The rating reflects our view of the city's robust and growing local economy, very strong management, strong budgetary performance, and very weak debt-and-contingent-liability profile," said S&P Global Ratings credit analyst Stephen Doyle. Austin is the state capital and Texas' fourth-largest city by population. It hosts six universities, a robust community college system,...

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