S&P Global Ratings assigned its 'AAA' long-term rating to Williamson County, Texas' series 2016 limited tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the county's previously issued general obligation (GO) debt. The outlook is stable. Williamson County is rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario based on its predominantly locally derived revenue base and our view that pledged revenue supporting debt service on the bonds is at limited risk of negative sovereign intervention. The series 2016 bonds are secured by an ad valorem tax, levied on all taxable property in the county, within the limits prescribed by state law.
