Houston Independent School District Refunding And Schoolhouse Bonds Assigned Various Ratings

Stocks and Financial Services Press Releases Wednesday April 19, 2017 08:55
DALLAS--19 Apr--S&P Global Ratings

DALLAS (S&P Global Ratings) April 18, 2017--S&P Global Ratings assigned its 'AAA' long-term (program) rating and 'AA+' underlying rating to Houston Independent School District's (ISD) series 2017 limited-tax schoolhouse and refunding bonds. We've also assigned our 'AA' long-term rating to the Houston ISD Public Facilities Corp.'s series 2017 lease revenue refunding bonds, issued on behalf of Houston ISD. At the same time, we affirmed our 'AA+' underlying rating on the district's existing limited-tax debt and our 'AA' long-term rating on the district's existing lease revenue debt. The outlook is stable.

The program rating reflects our assessment of the district's qualification for, and the guarantee provided by, the Texas Permanent School Fund (PSF) bond guarantee program.

"The underlying rating reflects our assessment of the district's central location in the Houston metropolitan statistical area economy, large and diverse property tax base, very strong general fund reserves, and strong financial management policies," said S&P Global Ratings credit analyst Joshua Travis.

Proceeds from the limited-tax bonds will be used for land acquisition and the renovation and construction of school buildings, as well as to refund existing debt for interest savings. Proceeds from the lease revenue bonds will be used to refund existing debt for interest savings.

The stable outlook on the 'AAA' rating reflects our view of the strength of the Texas PSF guarantee, based on the fund's assets and performance.
The stable outlook on the underlying rating reflects our expectation that the local economy will continue to perform well given its economic depth and diversity.

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