...S&P Global Ratings assigned its '###' long-term rating to Denton County, Texas' series 2019 permanent improvement refunding bonds and series 2019 tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating on the county's parity GO bonds and notes outstanding. The outlook is stable. The county continues to experience strong taxable assessed value (TAV) growth with robust growth in residential, commercial, and industrial development. Furthermore, our view of the county's conservative budgeting methods and plans to maintain very strong reserves in line with Denton County's adopted reserve policy, support what we consider the county's financial strengths and good practices and policies in place. Furthermore, although the county's debt position is very weak, we understand that the county intends to fund more capital projects on a pay-go basis, which could lead to improvement in its debt profile in the long term. The bonds are direct obligations...
