S&P ups Beaumont I.S.D. to AA-, rates bonds AAA

Standard & Poor's said it raised its issuer rating on Beaumont Independent School District, Texas, to AA- from A+ and assigned an AAA enhanced rating to the district's $74.8 million series 2008 unlimited-tax school building and refunding bonds. The outlook is stable.

S&P also affirmed its AAA enhanced rating on the district's outstanding general obligation debt and raised its issuer rating on the district's series 2004 unlimited-tax, adjustable-rate, current-interest G.O. refunding bonds to AA- from A+.

The upgrade reflects a long history of stability in both the tax base and the district's financial operations, S&P said.

The AAA enhanced rating is based on the guarantee of the Texas Permanent School Fund.

Proceeds of the 2008 issue will fund $65 million in building projects and refund certain maturities of the district's series 2004 for a total of $9.8 million.

The district has $233 million of a $388.6 million 2007 bond authorization left and expects to issue it during the next four years.

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