Summary: Denton County, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Denton County, Texas' proposed $131.7 million series 2023 permanent improvement and refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's limited tax debt and affirmed its 'SP-1+' short-term rating on the county's series 2022A tax notes. The outlook, where applicable, is stable. The bonds constitute direct obligations of the county payable from an annual ad valorem tax levied against all taxable property in the county, within the limits prescribed by law. We do not differentiate between the county's limited-tax debt and its general creditworthiness since the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations

...Most recent Historical information 2021 2020 2019 Very strong economy Projected per capita EBI % of U.S. 129.7 Market value per capita ($) 163,597 Population 915,999 891,827 869,847 County unemployment rate(%) 4.4 Market value ($000) 149,854,373 115,693,124 Ten largest taxpayers % of taxable value 1.8 Strong budgetary performance Operating fund result % of expenditures 2.4 11.9 2.5 Total governmental fund result % of expenditures 17.3 10.2 (4.5) Very strong budgetary flexibility Available reserves % of operating expenditures 38.7 42.2 32.1 Total available reserves ($000) 83,998 78,822 56,659 Very strong liquidity Total government cash % of governmental fund expenditures 71.2 52.2 55.7 Total government cash % of governmental fund debt service 369.8 308.7 221.1 Strong management Financial Management Assessment Good Weak debt and long-term liabilities Debt service % of governmental fund expenditures 19.3 16.9 25.2 Net direct debt % of governmental fund revenue 174.4 Overall net debt % of market...

Summary