Fitch gives Hays school district bonds AAA

Fitch Ratings said it assigned an A+ underlying rating to Hays Consolidated Independent School District, Texas, and gave an AAA rating to the district's $86.7 million series 2008 unlimited-tax school building bonds based on the guarantee of the Texas Permanent School Fund.

The bonds are scheduled to sell as early as this week via negotiation. Proceeds will be used for construction of three schools, for renovations of existing districtwide facilities, for land acquisition, for equipment, for buses and to pay issuance costs.

The upgrade to A+ reflects the district's steadily growing fund balance reserves despite rapid enrollment growth pressures and continued expansion of its tax base, Fitch said. The underlying A+ rating applies to the district's approximately $244 million unlimited tax school bonds outstanding.

The outlook is stable.

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