Summary: Houston; CP

S&P Global Ratings assigns its 'A-1+' short-term rating on the City of Houston, Texas' $100 million general obligation (GO) commercial paper (CP) notes series H-2. At the same time, we affirmed our 'A-1+' short-term rating on the existing CP program. 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. As of Oct. 13, 2020, the city had $151.9 million in existing notes between four separate CP programs. The note proceeds will fund capital improvements. The city routinely issues CP notes that support funding capital improvements and projects that are traditionally refinanced with long-term debt. Liquidity support for the

...S&P Global Ratings assigns its 'A-1+' short-term rating on the City of Houston, Texas' $100 million general obligation (GO) commercial paper (CP) notes series H-2. At the same time, we affirmed our 'A-1+' short-term rating on the existing CP program. The rating reflects our view of the city's strong general creditworthiness ('##' GO debt rating), and a limited ad valorem tax levied on taxable property in Houston that secures the notes. As of Oct. 13, 2020, the city had $151.9 million in existing notes between four separate CP programs. The note proceeds will fund capital improvements. The city routinely issues CP notes that support funding capital improvements and projects that are traditionally refinanced with long-term debt. Liquidity support for the H-2 notes will be provided via a credit agreement with TD Bank N.A. The new agreement expires Nov. 1, 2023, and will cover $100.0 million of principal and an estimated $7.4 million of interest....

Summary