S&P Global Ratings raised the City of Robinson's credit rating to 'AA' from 'AA-' on general obligation debt! 🏆
This rating is a reflection of the City’s unwavering commitment to sound financial practices. "The upgrade reflects our view of the city's economic expansion and improvement in per-capita wealth metrics as well as its maintenance of very strong financial reserves due to conservative budgeting and good financial management practices," said S&P Global Ratings credit analyst Allie Jacobson.
ENGLEWOOD (S&P Global Ratings) Oct. 25, 2023--S&P Global Ratings raised its rating to 'AA' from 'AA-' on Robinson, Texas' general obligation debt.
At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the city's approximately $9.565 million series 2023 combination tax and revenue certificates of obligation.
"The upgrade reflects our view of the city's economic expansion and improvement in per-capita wealth metrics as well as its maintenance of very strong financial reserves due to conservative budgeting and good financial management practices," said S&P Global Ratings credit analyst Allie Jacobson.
The outlook is stable.
Aided by proximity to Waco and housing demand, Robinson's economy has steadily grown, with assessed value increasing by 20.2% in 2022 and by 11.9% in 2023. Officials attribute the growth to residential development as well as to some commercial development in retail and restaurants. Current development includes a subdivision under construction and another in the design phase, with some additional retail development likely.
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.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.spglobal.com/ratings.
