Grand Prairie, TX Series 2015 Sales Tax Revenue Bond Rating Raised To 'A+' From 'A' On Criteria Application


DALLAS (S&P Global Ratings) March 15, 2019--S&P Global Ratings raised its 
long-term rating on Grand Prairie, Texas' series 2015 sales tax revenue bonds 
to 'A+' from 'A'. The outlook is stable.

The upgrade reflects the application of our "Priority-Lien Tax Revenue Debt" 
criteria (published Oct. 22, 2018), which factors in the strength and 
stability of pledged revenue and the general credit quality of the 
municipality where taxes are distributed or collected, known as the obligor's 
creditworthiness.

"The rating further reflects our view of the city's low volatility in regards 
to sales-and-use taxes, adequate-to-strong economic base, adequate maximum 
annual debt service coverage, and general creditworthiness," said S&P Global 
Ratings credit analyst Daniel Golliday.

Grand Prairie, with an estimated population of 200,323, is immediately west of 
Dallas, and approximately 20 miles east of Fort Worth.

The stable outlook reflects our opinion that pledged revenue will likely 
continue to provide adequate-to-strong coverage supported by the city's strong 
economy, minimal history of significant pledged revenue fluctuation, and level 
amortization. We do not expect to change the rating during our two-year 
outlook period, but we expect modest ongoing pledged revenue stream growth to 
continue.

We could raise the rating if collections continue to grow, leading to material 
improvement in coverage, assuming no changes in other credit factors.

If pledged revenue declines considerably, causing coverage to fall to levels 
that we would no longer consider adequate, we could lower the rating.

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