Summary: Kingsville, Texas; General Obligation

S&P Global Ratings assigned its 'A+' long-term rating to Kingsville, Texas' approximately $14 million series 2024 certificates of obligation (COs). The outlook is stable. The series 2024 COs are direct obligations of the city, secured by a continuing ad valorem tax levied annually within the limits prescribed by law on all taxable property within the city. The COs are additionally secured by a limited pledge of the net revenue 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. Certificate proceeds will fund construction of a fire station and associated vehicles and equipment. Kingsville's economic indicators, including per capita income and

...Most recent Historical information 2022 2021 2020 Weak economy Projected per capita EBI % of U.S. 59 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 87 80 Total government cash % of governmental fund debt service 1568 1375 1295 Adequate management Financial Management Assessment Standard Weak debt & long-term liabilities Debt service % of governmental fund expenditures 5.4 6.3 6.2 Net direct debt % of governmental fund revenue 133 Overall net debt % of market value 7.3 Direct...

Summary