S&P Global Ratings assigned its 'AA' rating to the City of Temple, Texas' series 2019 combination tax and revenue certificates of obligation bonds and series 2019 limited tax notes. The outlook is stable. The city's series 2019, 2017, and 2016 combination tax and revenue certificates of obligation are secured by the same limited tax pledge and further secured by a limited pledge, not to exceed $10,000, of the surplus revenues of Temple's utility system. We rate the certificates based on the city's limited-tax pledge due to the limitations on the utility revenue pledge. Ad valorem taxes levied on all taxable property within the city secure the certificates and limited tax notes. The ad valorem taxes are not levied on a
