Fitch Revises Alvin ISD, TX's 2016A ULT Bonds to 'AAA' PSF/'AA' Underlying
July 25 2016 - 1:40PM
Business Wire
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