S&P Global Ratings affirmed its 'A-1+' short-term rating on Houston's previously issued general obligation (GO) commercial paper (CP) notes series G-1. The rating reflects our view of the city's strong general creditworthiness ('AA' GO debt rating), and a limited ad valorem tax levied on taxable property in Houston that secures the notes. There are no series G-1 CP notes outstanding. Liquidity support for the G-1 notes previously came via a credit agreement with Mizuho Bank Ltd.; the city is renewing the agreement with Toronto-Dominion Bank. The new agreement expires Feb. 12, 2021, and will cover $75 million of principal and an estimated $5.55 million of interest.
