NEW YORK--(BUSINESS WIRE)--Aug 6, 2018--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 .

KBRA’s affirmation of the State of Texas’ general obligation bonds is based on an evaluation of the factors discussed in KBRA’s .

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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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CONTACT: Kroll Bond Rating Agency

Analytical Contacts:

Kate Hackett, Managing Director

(646) 731-2304

khackett@kbra.com

or

Peter Scherer, Associate

(646) 731-2325

pscherer@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: KBRA

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PUB: 08/06/2018 10:22 AM/DISC: 08/06/2018 10:22 AM

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