Fitch rates Mansfield I.S.D., Texas, bonds AAA

Fitch Ratings said it assigned an AAA rating to $80 million of Mansfield Independent School District, Texas' unlimited tax school building bonds, series 2008, based on a guarantee from the Texas Permanent School Fund, whose financial insurer strength is rated AAA by Fitch.

Additionally, Fitch assigned an underlying AA- rating on the series 2008 bonds and affirmed the AA- rating on the district's $634.3 million outstanding unlimited tax bonds. The outlook was revised to positive from stable.

The bonds are scheduled to sell via negotiation the week of June 16.

Bond proceeds will be used to fund school construction under the 2006 bond authorization.

The outlook revision to positive from stable reflects the district's continued favorable financial performance and large fund balances, the agency said.

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