Summary: Lewisville, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Lewisville, Texas' anticipated $13.9 million series 2020 general obligation (GO) refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's existing GO debt. The outlook is stable. The bonds are secured by a limited-ad valorem tax, levied on all taxable property within the city. Despite state statutory tax-rate limitations, we do not differentiate between the city's limited-tax debt and its general creditworthiness because the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the city's overall ability and willingness to pay debt service. Proceeds from the

...S&P Global Ratings assigned its '###' rating to Lewisville, Texas' anticipated $13.9 million series 2020 general obligation (GO) refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's existing GO debt. The outlook is stable. The bonds are secured by a limited-ad valorem tax, levied on all taxable property within the city. Despite state statutory tax-rate limitations, we do not differentiate between the city's limited-tax debt and its general creditworthiness because the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the city's overall ability and willingness to pay debt service. Proceeds from the current issue will be used to refund existing maturities for a projected net present value savings as well as to fund various projects throughout the city....

Summary