...S&P Global Ratings revised its outlook to stable from negative and affirmed its '###+' long-term rating on Irving, Texas' series 2019 and taxable series 2014A hotel occupancy tax (HOT) revenue bonds. The outlook revision reflects our expectation that maximum annual debt service (MADS) coverage will improve to above 1x in fiscal 2022 and that MADS will remain stable over the outlook horizon given year-to-date pledged revenue collection trends that are showing strong recovery and will likely be at least at pre-pandemic levels. 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. We rate the bonds under our priority-lien tax revenue debt 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 [OC])....
