S&P Global Ratings assigned its 'AAA' rating to Denton County , Texas' proposed $52 million series 2026 permanent improvement refunding bonds. At the same time, we affirmed our 'AAA' long-term rating on the county's limited-tax debt outstanding. The outlook is stable. The bonds constitute direct obligations of Denton County, payable from an annual ad valorem tax levied against all taxable property in the county, within the limits prescribed by law. We do not differentiate between Denton County's limited-tax debt and the county?s general creditworthiness since the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources. Proceeds from the bonds will refund existing debt for net present value
