Waller County, TXs Series 2017 GO Bonds Rated #AA#

Stocks and Financial Services Press Releases Thursday December 7, 2017 09:07
CENTENNIAL--7 Dec--S&P Global Ratings
CENTENNIAL (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings assigned its 'AA' rating to Waller County, Texas' series 2017 general obligation (GO) bonds. The outlook is stable.

"The stable outlook reflects our opinion that Waller County will maintain its very strong reserves and strong budgetary performance," said S&P Global Ratings credit analyst Kimberly Barrett. "Therefore, we do not expect to change the rating within the two-year outlook period."

The bonds are payable from an ad valorem tax, levied on all taxable property in the county, within the limits prescribed by law. The maximum allowable ad valorem tax rate for Texas counties is 80 cents per $100 of assessed value (AV) for all purposes, with the portion dedicated to debt service limited to 40 cents. The county's levy is below the maximum at 58.48 cents per $100 of AV, including 1.39 cents for debt service. Despite these limitations imposed by the state, we do not make a rating distinction between the county's GO pledge and limited-tax GO pledge due to the county's flexibility under the levy limit.

Bond proceeds will finance construction of a new law enforcement center in the county.
  • S&P Public Finance Local GO Criteria: How We Adjust Data For Analytic Consistency, Sept. 12, 2013
  • Alternative Financing: Disclosure Is Critical To Credit Analysis In Public Finance, Feb. 18, 2014
  • Incorporating GASB 67 And 68: Evaluating Pension/OPEB Obligations Under Standard & Poor's U.S. Local Government GO Criteria, Sept. 2, 2015

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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