Fitch Ratings has revised the rating on the following bonds of Alvin Independent School District, Texas:

--$90.5 million unlimited tax (ULT) schoolhouse and refunding bonds, series 2016A, revised to 'AAA'.

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. 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 July 19, 2016 press release, 'Fitch Rates Alvin ISD, TX's ULT Schoolhouse & Rfdg Bonds 'AA'; Outlook Stable'.

RATING SENSITIVITIES

The 'AAA' rating based on the Texas Permanent School Fund (PSF) guarantee 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/creditdesk/reports/report_frame.cfm?rpt_id=879478

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009440

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009440

Endorsement Policy

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

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Fitch RatingsPrimary AnalystShane SellstromAssociate Director+1-512-215-3727Fitch Ratings, Inc.111 Congress Avenue, Suite 2010Austin, TX 78701orSecondary AnalystRebecca MosesDirector+1-512-215-3739orCommittee ChairpersonSteve MurraySenior Director+1-512-215-3729orMedia Relations:Elizabeth Fogerty, New York, +1 212-908-0526Email: elizabeth.fogerty@fitchratings.com