S&P Global Ratings assigned its 'A' long-term rating to Red Oak Industrial Development Corp., Texas' roughly $6.6 million series 2024 taxable sales tax revenue refunding and improvement bonds, issued for Red Oak. At the same time, S&P Global Ratings affirmed its 'A' underlying rating (SPUR) on the corporation's existing debt. The outlook is stable. Bonds are payable from, and secured by, proceeds of a 0.5% sales-and-use tax levied and collected within Red Oak's boundaries, for the benefit of the corporation. We rate the bonds under our priority-lien tax-revenue-debt criteria, which factors in both the strength and stability of the pledged revenue, as well as the municipality's general credit quality where taxes are distributed and collected (the obligor's creditworthiness). Officials intend
