...June 18, 2024 DALLAS (S&P Global Ratings) June 18, 2024--S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' approximately $121.5 million series 2024 general obligation (GO) bonds and approximately $13.0 million series 2024 combination tax and revenue certificates of obligation (COs). At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's GO debt and COs outstanding. The outlook is stable. Revenue from Irving's ad valorem tax, levied within the limits prescribed by law on all taxable property within the city, secures its GO bonds, COs, and tax notes. The series 2024 certificates are additionally secured by surplus revenue of the city's water and sewer system, limited to $1,000. Given the limit on the revenue pledge, we rate the COs based on the limited-tax GO pledge. Bond and certificate proceeds will fund various public improvements throughout the city. Irving's GO bonds are eligible to be rated above the sovereign because we believe...
