S&P Global Ratings assigned its 'AA' long-term rating to Red Oak , Texas' approximately $14.73 million series 2026 general obligation (GO) pension bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's existing certificates of obligation (COs) and GO debt. The outlook is stable. The city's COs and GO debt 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
