...February 1, 2022 DALLAS (S&P Global Ratings) Feb. 1, 2022--S&P Global Ratings assigned its '##-' long-term rating to the city of Victoria, Texas' approximately $6 million series 2022 utility system revenue bonds. Additionally, we affirmed our '##-' rating on the utility's debt outstanding. The outlook is stable. "We view the city's operational and capital planning as strong; nominal cash has improved year over year for the last few years," said S&P Global Ratings credit analyst Brittany Carter. However, coverage has been stressed over the last couple of years, resulting in 1.1x all-in debt service coverage (DSC) for fiscal 2020. All-in DSC is an S&P Global Ratings coverage metric that includes routine items like regular transfers to the general fund for administrate overhead. Offsetting this weaker all-in DSC is a significant decline in debt service projected over the next few years, resulting in more of the historic all-in DSC as management has been planning around this front-loaded debt...
