With the exception of Tax Revenue Anticipation Notes, State Highway Fund Revenue Anticipation Notes, Permanent University Fund issuances, and non-general obligation issuances by university systems that have an unenhanced long-term rating of at least AA- or its equivalent, the Texas Bond Review Board (BRB) is responsible for the approval of all state debt issues and lease purchases with an initial principal amount of greater than $250,000 or a term of longer than five years.

As of August 31, 2023 Texas had a total of $70.94 billion in state debt outstanding, including both general obligation and revenue debt. Texas’ general obligation debt is rated at Aaa/AAA/AAA/AAA by the credit rating agencies, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings and Kroll. A history of Texas’ General Obligation rating can be found here.

Please send questions or comments to State Debt Analysts.