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S&P ups Northside school district, Texas, to AA, rates 2008 bonds AAA
Standard & Poor's said it raised its issuer credit rating (ICR) on Northside Independent School District, Texas, to AA from AA- and assigned an AAA program rating to the district's $90 million series 2008 unlimited tax school building bonds.
The upgrade was based on significant expansion of the district's property tax base and maintenance of very strong financial reserves, S&P said.
The AAA program rating for the 2008 bonds reflects the Texas Permanent School Fund's guarantee. The bonds are dated June 15 and are due Aug. 15, 2038.
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