Fitch Revises Port Arthur ISD, Texas' 2016D ULT Bonds to 'AAA' PSF/'AA-' Underlying

AUSTIN, Texas--()--Fitch Ratings has revised the rating on the following bonds of Port Arthur Independent School District, Texas:

--$25.2 million unlimited tax (ULT) refunding bonds, series 2016D, revised to 'AAA'.

The 'AAA' long-term rating on the bonds is based on a guaranty provided by the Texas Permanent School Fund (PSF), whose bond guaranty program is rated 'AAA' by Fitch. Additional information on the Texas PSF is available in Fitch's Aug. 5, 2015 press release, 'Fitch Affirms Texas Permanent School Fund at 'AAA'; Outlook Stable', available at 'www.fitchratings.com'.

The bonds' underlying rating is 'AA-' with a Stable Outlook. For more information, see Fitch's Sept. 14, 2016 press release, 'Fitch Rates Port Arthur ISD (TX) $25.2MM Series 2016D and $52.5MM 2016E ULT Rfdg Bonds 'AA-''.

RATING SENSITIVITIES

The 'AAA' rating based on the Texas Permanent School Fund (PSF) guaranty is sensitive to changes in the programmatic rating of the PSF.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

U.S. Tax-Supported Rating Criteria (pub. 18 Apr 2016)

https://www.fitchratings.com/site/re/879478

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1012125

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1012125

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Rebecca C. Moses
Director
+1-512-215-3739
Fitch Ratings, Inc.
111 Congress Ave, Suite 2010
Austin, TX 78701
or
Secondary Analyst
Shane Sellstrom
Associate Director
+1-512-215-3727
or
Committee Chairperson
Amy Laskey
Managing Director
+1-212-908-0568
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Rebecca C. Moses
Director
+1-512-215-3739
Fitch Ratings, Inc.
111 Congress Ave, Suite 2010
Austin, TX 78701
or
Secondary Analyst
Shane Sellstrom
Associate Director
+1-512-215-3727
or
Committee Chairperson
Amy Laskey
Managing Director
+1-212-908-0568
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com