Summary: Denton County, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Denton County, Texas' $70 million permanent improvement refunding bonds taxable series 2020A. 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 Denton County, within the limits prescribed by law. Proceeds from the bonds will refund a portion of the county's debt outstanding for present value savings. Denton County's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, U.S.

...S&P Global Ratings assigned its '###' long-term rating to Denton County, Texas' $70 million permanent improvement refunding bonds taxable series 2020A. 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 Denton County, within the limits prescribed by law. Proceeds from the bonds will refund a portion of the county's debt outstanding for present value savings. Denton County's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, U.S. local governments are considered moderately sensitive to country risk. Denton County's GO pledge is the primary source of security on the debt; this severely limits the possibility of negative sovereign intervention...

Summary