...S&P Global Ratings assigned its '###' long-term rating to Denton County, Texas' series 2017 permanent improvement refunding bonds. The outlook is stable. The bonds are direct obligations of the county payable from revenue from an annual ad valorem tax levied against all taxable property in the county, within the limits prescribed by law. State statutes limit the maximum ad valorem tax rate for counties to 80 cents per $100 of taxable assessed valuation for all county purposes. Administratively, the Texas attorney general will permit the allocation of 40 cents of the maximum tax rate for ad valorem tax debt service. In fiscal 2017, the county is levying 24.8 cents, with 6.6 cents dedicated to debt service and the remainder to operations. 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 county's flexibility under the levy limit. We believe the county possesses the financial stability and flexibility to...
