Summary: West University Place, Texas; General Obligation

S&P Global Ratings has assigned its 'AAA' long-term rating to the city of West University Place, Texas' series 2020 certificates of obligation. At the same time, we affirmed our 'AAA' long-term rating on the city's general obligation (GO) debt outstanding. The outlook is stable. The city's certificates of obligation and previously issued GO debt constitute direct obligations of the city, payable from the proceeds of a continuing, direct annual ad valorem tax, within the limits prescribed by law, on all taxable property within its borders. The series 2020 certificates also have a limited pledge of surplus net revenues of the city's water and sewer system, not to exceed $1,000. Given the limited revenue pledge, we rate the certificates based on

...S&P Global Ratings has assigned its '###' long-term rating to the city of West University Place, Texas' series 2020 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 city's certificates of obligation and previously issued GO debt constitute direct obligations of the city, payable from the proceeds of a continuing, direct annual ad valorem tax, within the limits prescribed by law, on all taxable property within its borders. The series 2020 certificates also have a limited pledge of surplus net revenues of the city's water and sewer system, not to exceed $1,000. Given the limited revenue pledge, we rate the certificates based on the city's ad valorem pledge. The maximum allowable ad valorem tax rate for municipalities is $2.50 per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to $1.50. The city's total tax rate is well below...

Summary