S&P Global Ratings assigned its'A'long-term rating to the city of Donna , Texas's $5.165 million series 2026 certificates of obligation (COs) and $1.79 million series 2026 general obligation (GO) refunding bonds. At the same time, we affirmed our'A'rating on the city's outstanding COs and GO debt. The outlook is negative. The negative outlook is due to the city's diminishing reserves in the past three years and its financially stressed water fund, which reported a negative unrestricted net position in fiscal years 2024 and 2025 that could ultimately affect the general fund if not addressed. Proceeds of the series 2026 COs will be used for the payment of contractual obligations associated with the construction and renovation of
