Moody's gives Pflugerville I.S.D., Texas, bonds Aaa rating

Moody's Investors Service said it assigned an A1 underlying rating to Pflugerville Independent School District, Texas' $125 million unlimited tax school building bonds, series 2008. In addition to the underlying rating, Moody's assigned an Aaa enhanced rating to the current sale.

Sale of the bonds was expected on May 15.

Prime credit quality is provided by a guarantee of the Texas Permanent School Fund for timely payment of principal and interest in the event that the school district is unable to meet debt service requirements.

Concurrently, Moody's affirmed the A1 rating on $274 million in outstanding parity debt.

Proceeds from the sale of bonds will be used to finance the construction of new school buildings, for facility improvements and to purchase land for future facilities.

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