...S&P Global Ratings assigned its '##' long-term rating to Victoria, Texas' series 2017 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's GO debt outstanding. The outlook is stable. Revenue from the city's direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within its boundaries secures the series 2017 bonds. The city operates as a Home Rule Charter, which imposes a maximum tax rate limit of $2.00 per $100 of assessed valuation for all city purposes. For fiscal 2018, the city levies a total property tax rate of approximately 59.52 cents per $100 of assessed value (AV), of which 34.26 cents is for maintenance and operations (M&O) and 25.26 cents is dedicated to debt service, well below the maximum allowable tax rate. Despite the limitations imposed by the Home Rule Charter, we did not make a rating distinction because we believe the county possesses the financial...
