Summary: Kingsville, Texas; General Obligation

S&P Global Ratings assigned its 'A+' long-term rating to Kingsville, Texas' approximately $4.8 million series 2023 certificates of obligation (COs). At the same time, we affirmed our 'A+' long-term and underlying ratings on the city's outstanding general obligation (GO) debt. The outlook is stable. The series 2023 COs and the city's outstanding GO debt are secured by an ad valorem tax levied within the limited prescribed by law on all taxable property within the city. The COs are additionally secured by a limited pledge of the net revenues of the city's utility system, not to exceed $1,000. Given the limited nature of the revenue pledge, we rate the COs based solely on the city's limited-tax GO pledge. Texas statutes provide

...Most recent Historical information 2022 2021 2020 Weak economy Projected per capita EBI % of U.S. 59.2 Market value per capita ($) 36,125 Population 24,590 25,084 25,118 County unemployment rate (%) 4.8 Market value ($000) 888,314 992,311 913,259 Ten largest taxpayers % of taxable value 10.4 Adequate budgetary performance Operating fund result % of expenditures (2.2) (3.1) 8.2 Total governmental fund result % of expenditures (4.0) (3.9) 6.8 Very strong budgetary flexibility Available reserves % of operating expenditures 37.4 43.9 42.7 Total available reserves ($000) 8,955 9,932 9,066 Very strong liquidity Total government cash % of governmental fund expenditures 84.0 86.6 80.3 Total government cash % of governmental fund debt service 1,567.5 1,374.7 1,294.9 Strong management Financial Management Assessment Standard Strong debt & long-term liabilities Debt service % of governmental fund expenditures 5.4 6.3 6.2 Net direct debt % of governmental fund revenue 103.8 Overall net debt % of market...

Summary