Rating Affirmed on Irving's miscellaneous tax bonds
"The CreditWatch removal reflects city officials' decision that they are no longer contemplating the issuance of approximately $213.7 million in hotel occupancy tax revenue bonds to fund the construction of an entertainment center," said Standard & Poor's credit analyst Sarah Smaardyk. "The stable outlook on the rating reflects our expectation that Irving's diverse regional economic base, which serves as business headquarters for numerous companies, should provide adequate debt service coverage through adverse economic cycles."
At this time, the city does not plan to issue additional debt within the next 12 to 24 months.
Source: Standard & Poor's
