S&P Global Ratings assigned its 'AA-' rating to Hutchins, Texas' approximately $12.25 million series 2023 general obligation (GO) refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA-' rating on the city's previously issued limited-tax GO bonds and certificates of obligation. The outlook is stable. A limited ad valorem tax, levied on all taxable property within the city, secures the limited-tax GO bonds and certificates. A subordinate lien on surplus waterworks and sewer system net revenue, not to exceed $1,000, additionally secures the certificates. Due to the limited revenue pledge, we rate the certificates based on Hutchins' ad valorem pledge. The maximum allowable ad valorem tax rate for general law municipalities in Texas is $1.50 per
