...S&P Global Ratings has revised its outlook to negative from stable and affirmed its ##-' rating on Bee County, Texas' general obligation (GO) debt and certificates of obligation outstanding. At the same time, we assigned our '##-' rating to Bee County, Texas' $2.74 million series 2020 general obligation refunding bonds. The negative outlook reflects the decline in the stabilizing influence of the state correctional facilities, due to negative inmate population trends, with the recent closure of one facility. In addition, there have been sizable cost overruns related to the construction of the county's new jail. Also contributing to our outlook revision is the potential for revenue loss associated with sales taxes as a result of COVID-19 recessionary pressures with sales taxes down 9% year-over-year as of June. Though the county has a high 45% fund balance, continued pressure on revenues or expenses could pressure the rating. Bond proceeds will be uses to refund existing debt for interest...
