Pflugerville, TX 2019 Certificates Of Obligation, Limited-Tax Bond Assigned 'AA' Ratings


NEW YORK (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings assigned its 
'AA' long-term rating to the City of Pflugerville, Texas' series 2019 
combination tax and limited revenue certificates of obligation and series 2019 
limited-tax bonds. At the same time, S&P Global Ratings affirmed its 'AA' 
rating on the city's previously issued general obligation (GO) debt. The 
outlook is stable.

The 'AA' rating reflects our view of the city's expanding economy and an agile 
management team with diverse experience and skill sets which can maintain 
strong finances in a growth environment despite high fixed costs associated 
with debt," said S&P Global Ratings credit analyst Kaiti Vartholomaios.

The 2019 certificates and the 2019 bonds are all payable from an ad valorem 
tax levied on all taxable property in the city, within the limits prescribed 
by law. The 2019 certificates are further secured by surplus net revenues of 
the city's waterworks and sewer system, in an amount not to exceed $5,000.

Proceeds of the certificates and the bonds will be used to finance various 
capital projects throughout the city related to the expansion and development 
of its waterworks and sewer system, as well as street repairs and 
improvements.

Pflugerville's, with an estimated population of 67,000, is in Travis and 
Williamson counties.

"The stable outlook reflects our opinion that Pflugerville will maintain very 
strong budgetary performance and flexibility, coupled with strong management 
policies and practices, and participation in a growing broad and diverse 
economy," added Ms. Vartholomaios. Therefore, we do not expect to change the 
rating within the two-year outlook period.
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