S&P Global Ratings assigned its 'AA' long-term rating to Victoria, Texas' series 2019 general obligation (GO) refunding bonds and certificates of obligation. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's GO bonds and certificates of obligation outstanding. The outlook is stable. The GO bonds and certificates of obligation are secured by the city's revenue from an annual ad valorem tax on all taxable property in Victoria. 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 per $100 of AV. The city's home rule charter further limits its maximum tax rate to $2 per $100 AV.
