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KBRA Releases Rating Report for State of Texas Tax and Revenue Anticipation Notes, Series 2018

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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
.

To view the report, click here.

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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.

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