S&P Global Ratings assigned its 'AA+' rating to Horseshoe Bay, Texas' approximately $4.1 million series 2022 combination tax and revenue certificates of obligation. At the same time, we affirmed our 'AA+' rating on the city's existing certificates and general obligation (GO) debt. The outlook is stable. The certificates are payable from an ad valorem tax levied on all taxable property in the city, within the limits prescribed by law, and a limited pledge not to exceed $1,000 of surplus water and wastewater system revenue. However, we rate the certificates based on the city's ad valorem pledge. Annual ad valorem taxes, levied within the limits prescribed by law and against all taxable property in the city, secure the GO bonds. The
