S&P Global Ratings assigned its 'AA' rating to Cedar Hill, Texas' series 2016 general obligation (GO) refunding and improvement bonds and affirmed its 'AA' rating on the city's GO debt. The outlook is stable. A limited ad valorem tax levy and net surplus water and sewer revenue secure the series 2016 certificates. Given the city's ad valorem tax levy of 69 cents per $100 of assessed value (AV), we believe there is significant tax flexibility well below the maximum allowable tax rate of $2.50 per $100 of AV. The certificates lack the necessary bond provisions to determine a rating under our utility criteria. We rate the certificates under our GO criteria because we do not differentiate between the city's limited-
