...S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' $145.2 million general improvement bonds, series 2020, $40.6 million combination tax and revenue certificates of obligation series 2020, $15.5 million combination tax and revenue certificates of obligation, taxable series 2020, and $43.9 million tax notes series 2020. The outlook is stable. The GO bonds, certificates, and notes 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 cents of which is dedicated to debt service. Additional security for the certificates is provided by the city's surplus net revenue from its municipal parks system (not to exceed $1,000). Given the de minimis pledge, we rate the certificates based on the city's GO pledge....
