Page 168 - CityofKennedaleFY26AdoptedBudget

11511 Luna Road
Suite 500
Farmers Branch, TX 75234
tel (214) 871-1400
reference no.: 40549904
December 12, 2024

City of Kennedale
405 Municipal Drive
Kennedale, TX 76060
Attention: John Horton, Director of Finance

Re: Kennedale Combined Tax & Revenue Certificates Of Obligation, Texas

Dear John Horton

S&P Global Ratings has reviewed the rating on the above-listed obligations. Based on our review, we have raised
our credit rating from "AA-" to "AA" and changed the outlook to stable from positive. A copy of the rationale
supporting the rating and outlook is enclosed.
This letter constitutes S&P Global Ratings' permission for you to disseminate the above-assigned ratings to
interested parties in accordance with applicable laws and regulations. However, permission for such dissemination
(other than to professional advisors bound by appropriate confidentiality arrangements or to allow the Issuer to
comply with its regulatory obligations) will become effective only after we have released the ratings on
standardandpoors.com. Any dissemination on any Website by you or your agents shall include the full analysis for
the rating, including any updates, where applicable. Any such dissemination shall not be done in a manner that
would serve as a substitute for any products and services containing S&P Global Ratings' intellectual property for
which a fee is charged.
To maintain the rating, S&P Global Ratings must receive all relevant financial and other information, including
notice of material changes to financial and other information provided to us and in relevant documents, as soon as
such information is available. Relevant financial and other information includes, but is not limited to, information
about direct bank loans and debt and debt-like instruments issued to, or entered into with, financial institutions,
insurance companies and/or other entities, whether or not disclosure of such information would be required under
S.E.C. Rule 15c2-12. You understand that S&P Global Ratings relies on you and your agents and advisors for the
accuracy, timeliness and completeness of the information submitted in connection with the rating and the continued
flow of material information as part of the surveillance process. Please send all information via electronic delivery to
pubfin_statelocalgovt@spglobal.com. If SEC rule 17g-5 is applicable, you may post such information on the
appropriate website. For any information not available in electronic format or posted on the applicable website,

Please send hard copies to:
S&P Global Ratings
Public Finance Department
55 Water Street
New York, NY 10041-0003

The rating is subject to the Terms and Conditions, if any, attached to the Engagement Letter applicable to the rating.
In the absence of such Engagement Letter and Terms and Conditions, the rating is subject to the attached Terms and
Conditions. The applicable Terms and Conditions are incorporated herein by reference.

S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please
visit our website at www.standardandpoors.com. If you have any questions, please contact us. Thank you for
choosing S&P Global Ratings.
Sincerely yours,

S&P Global Ratings
a division of Standard & Poor's Financial Services LLC

as
enclosure

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