Summary: Houston; CP

S&P Global Ratings assigned its 'A-1+' short-term rating to Houston's $100 million series E-2 general obligation (GO) commercial paper (CP) notes. Houston is reoffering the notes with an extended credit agreement with Wells Fargo Bank, effective Feb. 15, 2023, through April 22, 2025, if not extended to a later date. Note proceeds will provide interim funding for various capital improvements. Houston has multiple CP lines outstanding and a long history of issuing CP notes traditionally refinanced with long-term debt. A credit agreement with Wells Fargo Bank N.A. provides liquidity support for the series E-2 notes. The new agreement, expiring April 22, 2025, will cover the maximum commitment of $100 million in principal and up to $7.39 million in interest, reflecting

...S&P Global Ratings assigned its 'A-1+' short-term rating to Houston's $100 million series E-2 general obligation (GO) commercial paper (CP) notes. Houston is reoffering the notes with an extended credit agreement with Wells Fargo Bank, effective Feb. 15, 2023, through April 22, 2025, if not extended to a later date. Note proceeds will provide interim funding for various capital improvements. Houston has multiple CP lines outstanding and a long history of issuing CP notes traditionally refinanced with long-term debt. A credit agreement with Wells Fargo Bank N.A. provides liquidity support for the series E-2 notes. The new agreement, expiring April 22, 2025, will cover the maximum commitment of $100 million in principal and up to $7.39 million in interest, reflecting up to 270 days' accrued interest at the maximum rate (10%) based on 365 days in a year. The rating reflects our view of the city's strong general creditworthiness and a limited ad valorem tax levied on taxable property in Houston...

Summary