Robertson County, TX's Series 2019 Certificates Of Obligation Rated 'A+'

CENTENNIAL (S&P Global Ratings) April 17, 2019--S&P Global Ratings assigned its 'A+' rating to Robertson County, Texas' series 2019 certificates of obligation. The outlook is stable.
"The stable outlook reflects our view that the county will maintain very strong reserves, despite a planned spend down, due to conservative budgeting practices and consistent surplus financial results," said S&P Global Ratings credit analyst Alex Louie.
Robertson County has an oil, gas and coal mining driven community just north of College Station. In addition, the county is home to several commuters who make the trip south to Texas A&M University. Although the county has experienced volatility in assessed values in recent years due to changes in oil and gas prices, management has maintained very strong finances with reserves over 170%, albeit on a cash basis. The rating is supported the County's manageable debt burden, as the County will have no other debt outstanding once the series 2019 debt is issued, and consistent surpluses that have created a significant financial cushion that enables the county to weather any potential mineral value price fluctuations in the near term.
The bonds are secured by a limited-ad valorem tax levied on all taxable property within the county. We consider this a general operating pledge and in accordance with our criteria, we generally rate these obligations on par with our view of the obligor's general creditworthiness.
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