Summary: Irving, Texas; Miscellaneous Tax

S&P Global Ratings assigned its 'BBB+' long-term rating to Irving, Texas' series 2019 hotel occupancy tax (HOT) revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'BBB+' long-term rating on the city's taxable series 2014A and tax-exempt series 2014B HOT revenue bonds based on the application of its priority-lien tax revenue debt criteria, published Oct. 22, 2018 on RatingsDirect. The outlook is stable. The bonds are payable from a senior lien on revenue derived from a 2% citywide HOT (also known as the "venue hotel tax") that the electorate approved in November 2007. Proceeds from the series 2019 bonds will refund the series 2014B for savings. We rate the bonds under our priority lien criteria, which factors

...S&P Global Ratings assigned its '###+' long-term rating to Irving, Texas' series 2019 hotel occupancy tax (HOT) revenue refunding bonds. At the same time, S&P Global Ratings affirmed its '###+' long-term rating on the city's taxable series 2014A and tax-exempt series 2014B HOT revenue bonds based on the application of its priority-lien tax revenue debt criteria, published Oct. 22, 2018 on RatingsDirect. The outlook is stable. The bonds are payable from a senior lien on revenue derived from a 2% citywide HOT (also known as the "venue hotel tax") that the electorate approved in November 2007. Proceeds from the series 2019 bonds will refund the series 2014B for savings. We rate the bonds under our priority lien criteria, which factors in both the strength and stability of the pledged revenue as well as the general credit quality of the city where taxes are distributed and/or collected (the obligor's creditworthiness). Key credit considerations include: + The local economy's strength and continued...

Summary