...S&P Global Ratings assigned its '##' rating to Waller County, Texas' series 2018 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##' rating on the county's existing GO debt. The outlook is stable. The bonds are payable from an ad valorem tax, levied on all taxable property in the county, within the limits prescribed by law. The maximum allowable ad valorem tax rate for Texas counties is 80 cents per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to 40 cents. Waller County's levy is well below the maximum at 58.48 cents per $100 of AV, including 1.39 cents for debt service. Based on the application of our criteria, titled "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness," published Jan. 22, 2018, on RatingsDirect, we do not differentiate between the county's limited-tax general obligation debt and its general creditworthiness. Bond proceeds will finance construction of a new...
