...S&P Global Ratings has assigned its '##-' rating to Bee County, Texas' series 2017 certificates of obligation. At the same time, S&P Global Ratings affirmed its '##-' rating on the county's general obligation (GO) debt outstanding. The outlook is stable. Revenue from Bee County's direct and continuing ad valorem tax, levied on all taxable property in the county, in addition to pledged revenues from the county's solid waste management system, secures the series 2017 certificates. However, we rate the certificates based on the county's GO pledge, which we view as the stronger pledge. The county levies a property tax rate of approximately 52 cents per $100 of assessed value (AV) in fiscal 2017, which will subsequently increase to an estimated 61 cents after an additional interest-and-sinking-fund (I&S) levy is enacted as part of this issuance, remaining below the maximum allowable rate of 80 cents. Given this revenue-raising flexibility, we do not apply notching based on the limited nature...
