S&P Global Ratings lowered its underlying rating (SPUR) to 'A' from 'A+' on Winnsboro, Texas' series 2020 general obligation bonds outstanding. We simultaneously withdrew our SPUR on the bonds. The downgrade reflects what we view as significant deterioration in the city's reserves and a nominally low fund balance due to negative operating performance in the city's audited fiscal 2020 and 2021 results. We withdrew the rating due to lack of sufficient information, in particular the city's audited fiscal 2022 annual financial statements. While we have received an unaudited statement for fiscal 2022, the statement does not meet our standards for information quality and sufficiency. Our ability to maintain our credit ratings depends on the availability of timely audited financial statements.
