S&P Global Ratings assigned its'BBB'long-term rating to the Montrose Redevelopment Authority , Texas’ $29.89 million series 2026 tax increment contract revenue bonds. At the same time, we affirmed our'BBB'long-term rating on the authority’s parity bonds outstanding. The outlook is stable. Tax increment revenue generated from within the boundaries of the City of Houston's tax increment reinvestment zone No. 27 (Montrose Redevelopment Authority) secures the bonds. Under the bond ordinance, the city also pledges a debt service reserve (DSR) equal to maximum annual debt service (MADS). We understand that bond proceeds will finance street and drainage improvements within the zone. The rating reflects our view of the consistent incremental value growth and healthy debt service coverage within
