...S&P Global Ratings raised its long-term rating and underlying rating on Cedar Park, Texas' general obligation (GO) debt to '##+' from '##'. The outlook on both ratings is stable. The rating action reflects the city's continued economic growth and diversification, resulting in per capita market value and per capital income levels more in line with higher-rated peers. Moreover, the city is expected to continue experiencing a similar level of growth. An ad valorem property tax, levied within the limits prescribed by law, on all taxable property in the city secures the bonds. The city's current property tax rate of 47.95 cents per $100 of assessed value (AV) is well below the maximum allowable tax rate of $2.50 per $100 of AV. Bond proceeds will be used to refund certain series of outstanding debt and to fund various capital projects. The ratings reflect our assessment of the following factors for the city, specifically its:...
