...Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Wharton, Texas' series 2015 tax and revenue certificates of obligation. At the same time, Standard & Poor's affirmed its 'A+' underlying rating (SPUR) on the city's existing general obligation (GO) debt. The outlook is stable. The series 2015 certificates of obligation as well as the city's existing GO debt are secured by the GO pledge of an ad valorem tax levied within the limits prescribed by law on all taxable property within the city. The city's total tax rate is limited to $2.50 per $100 of assessed value (AV) per state statute. The 2015 tax rate, at 43 cents per $100 of AV, is well below the state's limitations. A pledge of the city's utility system also secures the certificates, but in the absence of documents such as a bond indenture that outlines specific legal covenants, we are continuing to rate the city's existing debt under our GO criteria. Officials will use certificate proceeds to make street and drainage...
