...S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' series 2017 combination tax and hotel occupancy tax (HOT) revenue refunding bonds. At the same time, we affirmed our '###' long-term rating on the city's existing general obligation (GO) debt and certificates of obligation. The outlook is stable. The bonds are payable from the levy and collection of a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The bonds also carry an additional pledge of two-sevenths of the revenue derived from the city's 7% HOT. Proceeds from the bonds will be used to refund series 2009 combination tax and HOT revenue certificates of obligation for present value savings. The GO bonds and certificates of obligation are payable from the levy and collection of a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The series 2017A and 2008 certificates...
