S&P Global Ratings assigned its'AA'long-term rating to Tualatin Soil and Water Conservation District , Oregon's anticipated $19.065 million series 2026 full faith and credit obligations. The outlook is stable. The obligations are secured by all lawfully available funds of the district and its property taxing power, subject to state constitutional restrictions on annual assessed valuation growth and a market value-based revenue limit. Debt service payments represent a full faith and credit obligation and are not subject to appropriation. We consider these obligations a form of limited-tax general obligation debt and rate them on par with our view of the district’s general creditworthiness given the fungibility of the district’s resources. The district will use proceeds to finance the development,
