...S&P Global Ratings has assigned its '###' long-term rating to the city of West University Place, Texas' series 2019 certificates of obligation. At the same time, we affirmed our '###' long-term rating on the city's general obligation (GO) debt outstanding. The outlook is stable. The certificates and the city's outstanding GO debt are payable from the levy and collection of a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The series 2019 certificates are additionally secured by a net revenue pledge of the city's waterworks and sewer system, not to exceed $1,000. Despite the additional revenue pledge securing the city's certificates, we rate the debt based on the city's GO pledge, which we view as the stronger pledge. The ad valorem taxes are not levied on a narrower or distinctly different tax base, and there are no limitations on the fungibility of resources available for the payment of debt service. Based on the...
