...DALLAS (S&P Global Ratings) June 8, 2016--S&P Global Ratings assigned its 'SP-1+' rating to Houston, Texas' series 2016 tax and revenue anticipation notes (TRANs). We also affirmed the 'SP-1+' rating on the series 2015 TRANs. "The rating reflects our view of the city's strong general creditworthiness, liquidity, and 1.51x projected coverage of principal and interest," said S&P Global Ratings analyst Bianca Gaytan-Burrell. The series 2016 TRANs are payable from pledged revenues that include general ad valorem taxes and sales-and-use taxes, franchise charges and fees, and other general revenues for fiscal 2017 after payment of the city's fiscal 2017 bond debt service. As with previous short-term borrowings, the city does not have mandated set-aside dates, but the timing of property tax receipts due before Feb. 1 of each year allows for early set-asides and an adequate period to ensure full and timely repayment of the notes. For fiscal 2017, officials are projecting maximum end-of-the-month...
