Summary: Victoria, Texas; General Obligation

Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Victoria, Texas' series 2015 certificates of obligation. At the same time, Standard&Poor's affirmed its 'AA' rating on the city's general obligation (GO) debt outstanding. The outlook is stable. The series 2015 certificates are payable from a limited property tax levied on all taxable property within the city, in addition to surplus revenue from its utility system. In practice, the city will fully support debt service payments on the series 2015 certificates with property tax revenue. The city's current property tax rate of 58.4 cents per $100 of assessed value (AV) is well below the state-imposed maximum tax rate of $2.50. We understand that proceeds from

...Standard & Poor's Ratings Services assigned its '##' rating and stable outlook to Victoria, Texas' series 2015 certificates of obligation. At the same time, Standard & Poor's affirmed its '##' rating on the city's general obligation (GO) debt outstanding. The outlook is stable. The series 2015 certificates are payable from a limited property tax levied on all taxable property within the city, in addition to surplus revenue from its utility system. In practice, the city will fully support debt service payments on the series 2015 certificates with property tax revenue. The city's current property tax rate of 58.4 cents per $100 of assessed value (AV) is well below the state-imposed maximum tax rate of $2.50. We understand that proceeds from the certificates will be used primarily to fund street improvements. The '##' rating reflects our view of the city's:...

Summary