Spearman, TX GO Bond Rating Raised To #A+# On Improved Reserve Levels

Stocks and Financial Services Press Releases Friday June 29, 2018 10:49
DALLAS--29 Jun--S&P Global Ratings

DALLAS (S&P Global Ratings) June 28, 2018--S&P Global Ratings raised its long-term rating to 'A+' from 'A' on Spearman, Texas' existing general obligation debt. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the city's series 2018 certificates of obligation. The outlook on all ratings is stable.

"The one-notch upgrade reflects our view of the city's improved market value per capita to $32,573 in fiscal 2018," said S&P Global Ratings credit analyst Sarah Smaardyk. "In addition, the raised rating reflects our view of the city's improved reserve levels to $1.1 million or 47% of expenditures, which we consider very strong, in fiscal 2017," Ms. Smaardyk added.

Officials plan to use 2018 certificate proceeds to fund construction, improvements, extensions, enlargements, and equipping the wastewater treatment system, and improvements to its wastewater treatment and waterworks capacity.

Spearman serves as the county seat for Hansford County, located in the northern Texas panhandle. Amarillo is 90 miles southwest of Spearman. Spearman is exposed to employment concentration in the construction, natural resources, and mining sectors.

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