Summary: San Antonio, Texas; Appropriations; General Obligation; Note

S&P Global Ratings assigned its 'AAA' long-term rating to San Antonio, Texas' $27.9 million series 2020 general improvement refunding bonds and $236.3 million taxable series 2020 general improvement refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing general obligation (GO) debt and its 'AA+' long-term rating on San Antonio Municipal Facilities Corp.'s debt, San Antonio Public Facilities Corp.'s debt, and Starbright Industrial Development Corp.'s debt issued on behalf of the city. The outlook is stable. The new and previously issued GO bonds as well as previously issued certificates of obligation and tax notes are secured by the city's revenue from an annual ad valorem tax on all taxable property in San

...S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' $27.9 million series 2020 general improvement refunding bonds and $236.3 million taxable series 2020 general improvement refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing general obligation (GO) debt and its '##+' long-term rating on San Antonio Municipal Facilities Corp.'s debt, San Antonio Public Facilities Corp.'s debt, and Starbright Industrial Development Corp.'s debt issued on behalf of the city. The outlook is stable. The new and previously issued GO bonds as well as previously issued certificates of obligation and tax notes are secured by the city's revenue from an annual ad valorem tax on all taxable property in San Antonio. 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. In fiscal 2020, the city levies 55.827 cents per $100 of AV, 21.15...

Summary