...WASHINGTON D.C. (S&P Global Ratings) May 2, 2018--S&P Global Ratings raised its rating on the City of Winnsboro, Texas' series 2011 general obligation (GO) refunding bonds to 'A+' from 'A'. The outlook is stable. "The upgrade reflects the city's improved general fund reserves over the past five fiscal years to levels that we no longer consider nominally thin," said S&P Global Ratings credit analyst Timothy Barrett. The GO bonds constitute direct obligations of the city payable from the levy and collection of a continuing direct annual ad valorem tax, within the limits prescribed by law, on all taxable property within Winnsboro. Texas statutes provide for a maximum ad valorem tax rate of $2.50 per $100 of taxable assessed valuation (AV) for all purposes, including a maximum of $1.50 of the $2.50 for all ad valorem tax obligation debt service. For fiscal 2018, Winnsboro's total tax rate was well below the state's maximum at 56.4 cents per $100 of taxable AV, including 9.1 cents for debt service....
