S&P ups Austin I.S.D., Texas, to AA+, rates 2008 tax bonds AAA

Standard & Poor's said it raised its rating on Austin Independent School District, Texas, to AA+ from AA and assigned an AAA enhanced rating to $100 million series 2008 unlimited-tax refunding bonds based on the guarantee of the Texas Permanent School Fund.

The 2008 bonds are dated June 15 and are due Aug. 1, 2033.

The upgrade of the district's underlying rating is based on continued growth of its tax base and solid financial management practices that have allowed the district to accumulate strong reserve levels, S&P said.

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