Summary: Denton County, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Denton County, Texas' $17.29 million permanent improvement refunding bonds taxable series 2022. At the same time, we affirmed the 'AAA' rating on the county's parity limited-tax obligations outstanding. 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 general obligation (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.

...S&P Global Ratings assigned its '###' long-term rating to Denton County, Texas' $17.29 million permanent improvement refunding bonds taxable series 2022. At the same time, we affirmed the '###' rating on the county's parity limited-tax obligations outstanding. 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 general obligation (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...

Summary