NEW YORK--(BUSINESS WIRE)--On August 2, 2018 Kroll Bond Rating Agency (KBRA) assigned a short-term rating of K1+ to the State of Texas Tax and Revenue Anticipation Notes, Series 2018. KBRA has additionally affirmed the short-term rating of K1+ on the State of Texas’ Tax and Revenue Anticipation Notes, Series 2017 which mature August 30, 2018. Lastly, KBRA has affirmed the long-term rating of AAA and Stable Outlook on the State of Texas’ outstanding general obligation bonds. KBRA long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
KBRA’s assessment of the Series 2018 TRANs as well as the Series 2017 TRANs is based on KBRA’s U.S. State and Local Government Short- Term Cash Flow Note Rating Methodology.
KBRA’s affirmation of the State of Texas’ general obligation bonds is based on an evaluation of the factors discussed in KBRA’s U.S. State General Obligation Rating Methodology.
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About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.