Summary: Plano, Texas; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Plano, Texas' series 2017 general obligation (GO) bonds and tax notes. At the same time, we affirmed our 'AAA' long-term rating on the city's existing GO debt. The outlook is stable. The GO bonds and notes are secured by the city's levy of an annual ad valorem tax on all taxable property in Plano. The maximum allowable rate in Texas is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50 per $100 of AV. The city's levy is well below the maximum, at 47.860 cents, 12.300 cents of which is dedicated to debt service. Despite the limitations imposed by the

...S&P Global Ratings assigned its '###' long-term rating to Plano, Texas' series 2017 general obligation (GO) bonds and tax notes. At the same time, we affirmed our '###' long-term rating on the city's existing GO debt. The outlook is stable. The GO bonds and notes are secured by the city's levy of an annual ad valorem tax on all taxable property in Plano. The maximum allowable rate in Texas is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50 per $100 of AV. The city's levy is well below the maximum, at 47.860 cents, 12.300 cents of which is dedicated to debt service. Despite the limitations imposed by the state levy limit law, we did not make a rating distinction for the limited-tax GO pledge, given the city's flexibility under the levy limit. Officials plan to use bond proceeds for various public improvements for recreation center facilities, parks, fire and public safety facilities, and street improvements. Note proceeds...

Summary