...S&P Global Ratings assigned its '###' long-term rating to Irving, Texas' series 2019 general obligation (GO) refunding and improvement bonds and series 2019A tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's GO debt and certificates of obligation (COs) outstanding. The outlook is negative. The rating reflects our view of Irving's strong economy benefiting from its central location in the Dallas-Fort Worth metroplex and a history of strong budgetary performance and very strong reserves, supported by very strong management policies and practices. Partly offsetting the above strengths, in our view, is Irving's high percentage of commercial properties, making values sensitive to national business cycles. In addition, the city is fairly built out, limiting opportunities for development. With the majority of tax base growth stemming from appreciation of existing properties, we believe Irving will likely be affected by the new Senate Bill 2, which...
