Summary: Red Oak, Texas; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to the city of Red Oak, Texas' approximately $30.1 million combination tax and revenue certificates of obligation (COOs). At the same time, we affirmed our 'AA' long-term and underlying ratings on the city's previously issued COOs and general obligation (GO) bonds. The outlook is stable. The certificates, tax notes, and GO bonds are secured by the levy and collection of a direct and continuing annual ad valorem tax, within the limits prescribed by law, on all taxable property within the city. The certificates are also secured by a pledge of the surplus revenue of the city's waterworks and sewer system. Given the lack of legal provisions related to the waterworks and sewer

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI % of U.S. 89.0 Market value per capita ($) 161,320 Population 14,981 14,709 14,532 County unemployment rate (%) 3.5 Market value ($000) 2,416,731 1,449,998 Ten largest taxpayers % of taxable value 17.4 Strong budgetary performance Operating fund result % of expenditures 11.1 (2.2) 8.5 Total governmental fund result % of expenditures (6.0) (21.9) 2.7 Very strong budgetary flexibility Available reserves % of operating expenditures 55.0 38.2 35.5 Total available reserves ($000) 8,312 5,107 4,583 Very strong liquidity Total government cash % of governmental fund expenditures 180.8 99.8 120.5 Total government cash % of governmental fund debt service 903.9 933.3 627.3 Strong management Financial Management Assessment Good Very weak debt & long-term liabilities Debt service % of governmental fund expenditures 20.0 10.7 19.2 Net direct debt % of governmental fund revenue 303.7 Overall net debt % of market...

Summary