Texas Tax And Revenue Anticipation Notes Assigned #SP-1+# Rating

Stocks and Financial Services Press Releases Friday August 11, 2017 09:16
CENTENNIAL--11 Aug--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Aug. 10, 2017--S&P Global Ratings assigned its 'SP-1+' short-term rating to the State of Texas' series 2017 $5.4 billion tax and revenue anticipation notes (TRANs). "The rating reflects our opinion of the state's overall creditworthiness, strong projected debt service coverage, early set-aside of TRAN repayments, and additional liquidity provided by other borrowable internal resources," said S&P Global Ratings credit analyst Nora Wittstruck.

State officials will use TRAN proceeds to offset a temporary cash shortfall in the unrestricted accounts in the state's general revenue fund during fiscal 2018. 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.globalcreditportal.com and at www.spcapitaliq.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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