...S&P Global Ratings assigned its '###' long-term rating to Plano, Texas' series 2018 general obligation (GO) bonds. At the same time, we affirmed our '###' long-term rating on the city's existing GO debt. The outlook is stable. The bonds are payable from an ad valorem tax levied on all taxable property within the city, within the limits prescribed by law. 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 46.860 cents, 11.860 cents of which is dedicated to debt service. Based on the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Jan. 22, 2018, on RatingsDirect), we do not differentiate between the city's limited-tax GO debt and its general creditworthiness. Officials plan to use bond proceeds for various permanent public improvements and public purposes,...
