Summary: Denton County, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Denton County, Texas' proposed $14.835 million series 2023 tax notes. The outlook is stable. The notes 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 on the fungibility of resources. Note proceeds will be used to fund renovations and improvements to county facilities. The notes have been assigned a long-term rating given the maturity date of greater than 365 days and

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI % of U.S. 130 Market value per capita ($) 193,459 Population 951,447 915,999 891,827 County unemployment rate(%) 3.2 4.4 Market value ($000) 177,207,954 115,693,124 Ten largest taxpayers % of taxable value 1.7 Strong budgetary performance Operating fund result % of expenditures (0.8) 2.4 11.9 Total governmental fund result % of expenditures 5.6 17.3 10.2 Very strong budgetary flexibility Available reserves % of operating expenditures 42.2 38.7 42.2 Total available reserves ($000) 82,651 83,998 78,822 Very strong liquidity Total government cash % of governmental fund expenditures 38 71 52 Total government cash % of governmental fund debt service 207 370 309 Strong management Financial Management Assessment Good Weak debt & long-term liabilities Debt service % of governmental fund expenditures 18.2 19.3 16.9 Net direct debt % of governmental fund revenue 178 Overall net debt % of market value 6.3...

Summary