Irving, TX Series 2021 General Obligation Bonds Rated ?AAA?; Outlook is Negative

FARMERS BRANCH (S&P Global Ratings) May 19, 2021--S&P Global Ratings assigned its 'AAA' long-term rating to Irving, Texas' approximately $30.2 million series 2021 general obligation (GO) bonds, $23.3 million series 2021 combination tax and revenue certificates of obligation and $780,000 series 2021 tax notes. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's GO debt and certificates of obligation outstanding. The outlook is negative. The bond proceeds will fund street, park, and city building improvements. The city will use proceeds from the certificates for drainage improvements. The tax notes will fund public safety equipment. Concurrently with the GO debt, the city is issuing $19.4 million of water and sewer revenue bonds. "We believe Irving

...May 19, 2021 FARMERS BRANCH (S&P Global Ratings) May 19, 2021--S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' approximately $30.2 million series 2021 general obligation (GO) bonds, $23.3 million series 2021 combination tax and revenue certificates of obligation and $780,000 series 2021 tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's GO debt and certificates of obligation outstanding. The outlook is negative. The bond proceeds will fund street, park, and city building improvements. The city will use proceeds from the certificates for drainage improvements. The tax notes will fund public safety equipment. Concurrently with the GO debt, the city is issuing $19.4 million of water and sewer revenue bonds. "We believe Irving has demonstrated a lengthy trend of very strong financial flexibility and very strong management. For this reason, we believe the city will maintain financial stability over the outlook horizon,"...

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