Moody's gives Aaa to Friendswood I.S.D., Texas, bonds

Moody's Investors Service said it assigned an A1 underlying rating and Aaa enhanced rating to Friendswood Independent School District, Texas' $99,465,000 of unlimited-tax schoolhouse bonds, series 2008.

The enhanced rating is based on a guarantee of the Texas Permanent School Fund.

Sale of the bonds is expected on March 3.

Moody's also affirmed its A1 rating on the district's outstanding parity debt, affecting about $124.4 million, including the current series.

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