AUSTIN--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AAA' rating to the following unlimited tax (ULT) bonds of Highland Park Independent School District, Texas (the district):
--$203.1 million ULT school building bonds, series 2016.
The 'AAA' long-term rating on the bonds is based on a guarantee provided by the Texas Permanent School Fund (PSF), whose bond guarantee program is rated 'AAA' by Fitch. For additional information on the Texas PSF rating please refer to Fitch's Aug. 5, 2015 press release, 'Fitch Affirms Texas Permanent School Fund at 'AAA'; Outlook Stable', available at 'www.fitchratings.com'.
The bonds are expected to price via competitive sale on Feb. 23, 2016. Proceeds will be used to construct and equip school facilities, acquire real property, and pay debt issuance costs.
The Rating Outlook is Stable.
For more information on the district, please see Fitch's Jan. 29, 2016 press release, 'Fitch Rates Highland Park ISD, TX Series 2016 ULTs 'AA+', available at 'www.fitchratings.com'.
The bonds are payable from the district's levy of an unlimited ad valorem tax on all taxable property within the district and also carry the Texas PSF bond guaranty.
Date of Relevant Rating Committee: Aug. 4 2015
Additional information is available at www.fitchratings.com
Fitch recently published exposure drafts of state and local government tax-supported criteria (Exposure Draft: U.S. Tax-Supported Rating Criteria, dated Sept. 10, 2015 and
Exposure Draft: Incorporating Enhanced Recovery Prospects into U.S. Local Tax-Supported Ratings, dated Feb. 2, 2016). The drafts include a number of proposed revisions to existing criteria. If applied in the proposed form, Fitch estimates the revised criteria would result in changes to less than 10% of existing tax-supported ratings. Fitch expects that final criteria will be approved and published in the first quarter of 2016. Once approved, the criteria will be applied immediately to any new issue and surveillance rating review. Fitch anticipates the criteria to be applied to all ratings that fall under the criteria within a 12-month period from the final approval date.
Exposure Draft: U.S. Tax-Supported Rating Criteria (pub. 10 Sep 2015)
Tax-Supported Rating Criteria (pub. 14 Aug 2012)
U.S. Local Government Tax-Supported Rating Criteria (pub. 14 Aug 2012)