Standard & Poor’s raised its underlying rating on Forney, Tex.’s general obligation debt to A-plus from A-minus based on the city’s continued tax base growth and consistently sound financial position.
Standard & Poor’s also assigned its A-plus standard long-term rating to Forney’s $40.2 million of Series 2008 pass-through toll revenue and limited tax bonds.
The outlook on the ratings is stable. An ad valorem tax pledge secures the bonds.
The ratings reflect the city’s strong wealth and income levels, healthy assessed value growth. and consistently stable financial operations with strong reserves.
The ratings are constrained by the city’s high overall net debt burden and slower than average amortization.
Forney, with a population of 12,852, encompasses approximately seven miles within northwest Kaufman County, 21 miles east of downtown Dallas.