S&P gives AA to Texas Public Finance bonds

Standard & Poor's said it assigned an AA standard long-term rating to the Texas Public Finance Authority's $225 million series 2008A general obligation and refunding bonds and affirmed its AA standard long-term rating on the authority's parity G.O. debt.

S&P also assigned its AA- rating to the authority's $15.52 million series 2008 building revenue refunding bonds issued for the Texas Facilities Commission.

The 2008A G.O. bonds are due Oct. 1, 2028. The Facilities Commission bonds are dated July 1, 2008 and are due Feb. 1, 2018. The outlook on all the authority's bonds is stable.

Proceeds will be used to refund a portion of the authority's outstanding G.O. bonds, which were originally issued to refinance projects for the Texas Department of Criminal Justice, the Texas Department of Mental Health and Mental Retardation, and the Texas Youth Commission. In addition, the authority will use a portion of the proceeds to fund repairs and renovations to state facilities for the Texas Department of Public Safety.

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