Fitch ups Northside school district, Texas, to AA

Fitch Ratings said it raised its rating on Northside Independent School District, Texas, to AA from AA-. The rating applies to the district's $90 million series 2008 unlimited tax school building bonds, as well as the district's $1.2 billion in outstanding parity debt.

The outlook is stable.

The series 2008 bonds are expected to sell the week of June 23 via negotiation.

The district has applied for a guaranty from the Texas Permanent School Fund, and if it is approved, Fitch said it will revise its rating on the 2008 issue to AAA.

The upgrade of the district's underlying rating reflects consistently strong financial management and performance despite rapid enrollment growth, strong taxable assessed valuation growth, and a large and diverse employment base, balanced by above-average debt levels, Fitch said.

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