...S&P Global Ratings assigned its 'A+' rating to the City of Kingsville, Texas' $3.58 million series 2021 limited-tax refunding bonds. At the same time, we affirmed our 'A+' rating on the city's existing limited tax general obligation (GO) debt and certificates of obligation. The outlook is stable. The series 2021 bonds are payable from an ad valorem tax levied, within the limits prescribed law, on all taxable property within the city. Officials will use the proceeds to refund the city's series 2013 certificates of obligation. The city will have approximately $10.8 million of net direct debt, accounting for self-supporting debt. The city's previous certificates of obligation are payable from a limited-ad valorem tax levied on all taxable property in addition to up to $1,000 of surplus net revenues from the city's utility system. Given the limited nature of the revenue pledge, we rate the certificates of obligation based on the city's GO limited-tax pledge alone. Texas statutes provide for...
