...S&P Global Ratings assigned its '###' long-term rating to the City of Plano, Texas' $73.475 million series 2021 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 GO bonds are payable from the city's ad valorem taxes, which are levied on all taxable property. Despite state statutory tax-rate limitations, we do not differentiate between the city's limited-tax debt rating and its general creditworthiness. Given the limited nature of the additional pledged revenues, we base our ratings on these obligations on the city's limited-tax GO pledge. 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...
