S&P rates Texas Veterans Land Board bonds AA/A-1+

Standard & Poor's said it assigned an AA/A-1+ rating and stable outlook to the State of Texas' $50 million of Veterans Housing Assistance Program Fund II, series 2008A, general obligation bonds issued for the Texas Veterans Land Board.

The short-term rating reflects a standby bond purchase agreement provided by Dexia Credit Local, which is rated AA/A-1+.

S&P also said it affirmed its AA/A-1+ rating with a stable outlook on the board's existing debt.

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