Summary: Red Oak Industrial Development Corporation, Texas; Sales Tax

S&P Global Ratings assigned its 'A' long-term rating to Red Oak Industrial Development Corp. (IDC), Texas' taxable series 2022 sales tax revenue refunding and improvement bonds. The outlook is stable. The bonds are payable and secured by the proceeds of a 0.5% sales-and-use tax levied and collected within the boundaries of the City of Red Oak, 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 general credit quality of the municipality where taxes are distributed and collected (the obligor's creditworthiness [OC]). The 2022 bond proceeds will be used to refund IDC's bonds outstanding and for the

...S&P Global Ratings assigned its 'A' long-term rating to Red Oak Industrial Development Corp. (IDC), Texas' taxable series 2022 sales tax revenue refunding and improvement bonds. The outlook is stable. The bonds are payable and secured by the proceeds of a 0.5% sales-and-use tax levied and collected within the boundaries of the City of Red Oak, 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 general credit quality of the municipality where taxes are distributed and collected (the obligor's creditworthiness [OC]). The 2022 bond proceeds will be used to refund IDC's bonds outstanding and for the purchase of land and improvements to promote new business development....

Summary