Summary: Houston, Texas; General Obligation

S&P Global Ratings has assigned its 'AA' rating to the City of Houston's public improvement refunding bonds series 2019A and taxable series 2019B, and to the city's public improvement forward delivery bonds series 2019C. At the same time, we have affirmed our 'AA' rating on the city's parity general obligation (GO) debt outstanding. The outlook on all the ratings is stable. Although in fiscal 2020 Houston faces budget challenges, which include managing within its revenue cap, firefighter pay, costs associated with Hurricane Harvey and managing reimbursements, we anticipate general stability in the city's financial performance and reserve position in the near term. The city continues to benefit from an expanding regional economy and further diversification from the oil and gas

...S&P Global Ratings has assigned its '##' rating to the City of Houston's public improvement refunding bonds series 2019A and taxable series 2019B, and to the city's public improvement forward delivery bonds series 2019C. At the same time, we have affirmed our '##' rating on the city's parity general obligation (GO) debt outstanding. The outlook on all the ratings is stable. Although in fiscal 2020 Houston faces budget challenges, which include managing within its revenue cap, firefighter pay, costs associated with Hurricane Harvey and managing reimbursements, we anticipate general stability in the city's financial performance and reserve position in the near term. The city continues to benefit from an expanding regional economy and further diversification from the oil and gas sector. Future reviews will focus on the city's ability to manage high debt, pension, and other postemployment benefit (OPEB) costs and capacity to layer in new debt issuances that are affordable. Houston's ad valorem...

Summary