S&P Global Ratings assigned its 'AA' long-term rating to Red Oak , Texas' approximately $16.6 million series 2025 combination tax and revenue certificates of obligation (COs). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's existing COs and general obligation (GO) debt. The outlook is stable. The series 2025 COs, existing CO debt, and existing 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
