Summary: Ector County, Texas; General Obligation

S&P Global Ratings assigned its 'AA-' rating to Ector County, Texas' series 2020, $22.5 million certificates of obligation. Also, S&P Global Ratings affirmed its 'AA-' rating on the county's GO debt outstanding. The outlook is stable. The bonds are each payable from the receipts of a direct and continuing annual ad valorem tax levied, within limits prescribed by law, on all taxable property within the county. The maximum allowable ad valorem tax rate for Texas counties is 80 cents per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to 40 cents. In fiscal 2020, Ector County's levy is well below the maximum at 36.5 cents per $100 of AV, with 2.5 cents

...S&P Global Ratings assigned its '##-' rating to Ector County, Texas' series 2020, $22.5 million certificates of obligation. Also, S&P Global Ratings affirmed its '##-' rating on the county's GO debt outstanding. The outlook is stable. The bonds are each payable from the receipts of a direct and continuing annual ad valorem tax levied, within limits prescribed by law, on all taxable property within the county. The maximum allowable ad valorem tax rate for Texas counties is 80 cents per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to 40 cents. In fiscal 2020, Ector County's levy is well below the maximum at 36.5 cents per $100 of AV, with 2.5 cents dedicated to debt service. Based on the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Nov. 20, 2019, on RatingsDirect), the ad valorem taxes are not levied on a narrower or distinctly different tax base. There are...

Summary