Summary: Cedar Park, Texas; General Obligation

S&P Global Ratings has assigned its 'AA+' rating to the city of Cedar Park, Texas' series 2017 limited tax notes. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's GO debt outstanding. The outlook is stable. An ad valorem property tax, levied within the limits prescribed by law, on all taxable property in the city secures the notes. The city's current property tax rate of 47 cents per $100 of assessed value (AV) is well below the maximum allowable tax rate of $2.50 per $100 of AV. Despite the limitations imposed by the state levy limit law, we did not make a rating distinction for the limited-tax GO pledge given

...S&P Global Ratings has assigned its '##+' rating to the city of Cedar Park, Texas' series 2017 limited tax notes. At the same time, S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on the city's GO debt outstanding. The outlook is stable. An ad valorem property tax, levied within the limits prescribed by law, on all taxable property in the city secures the notes. The city's current property tax rate of 47 cents per $100 of assessed value (AV) is well below the maximum allowable tax rate of $2.50 per $100 of AV. Despite the limitations imposed by the state levy limit law, we did not make a rating distinction for the limited-tax GO pledge given the city's flexibility under the levy limit. Note proceeds will fund contractual obligations relating to engineering and construction costs of new public safety facilities. The city's series 2014 pass-through toll revenue and limited-tax bonds are secured by the county's levy of a direct and continuing ad valorem...

Summary