S&P Global Ratings assigned its'AA'long-term rating to Red Oak , Texas'approximately $34.725 million series 2026 combination tax and revenue certificates of obligation. The outlook is stable. The COs are secured by the levy of a direct and continuing ad valorem tax, within the limits prescribed by law, on all taxable property within the city. We do not differentiate between the city's limited-tax GO debt and its general creditworthiness given that the ad valorem tax is not derived from a measurably narrower tax base and there are no limits on the fungibility of resources. Additionally, the COs are secured by a pledge of $1,000 of the surplus revenue from the city's waterworks and sewer system. We rate the
