Summary: Fort Bend Independent School District, Texas; School State Program

S&P Global Ratings assigned its 'AAA' long-term program rating and 'AA+' underlying rating to Fort Bend Independent School District, Texas' remarketed series 2015A variable-rate unlimited-tax school building bonds. The outlook is stable. The rating is being applied to the district's remarketed bonds, with a new term period beginning Aug. 1, 2018. During the term period, the bonds will bear interest at a term rate determined by the remarketing agent and will not be subject to tender or supported by a liquidity facility. Following the expiration of the new term period, the bonds will be subject to mandatory tender. If the bonds are not remarketed at the end of the current term period, the district is not obligated to purchase said

...The stable outlook on the '###' rating reflects our view of the strength of the Texas PSF guarantee, based on the fund's assets and performance. The stable outlook on the underlying rating reflects our expectation that, given the district's location and participation within the Houston metropolitan statistical area, the expanding economy will allow for continued long-term growth in the tax base, which will provide management significant flexibility to implement its bond program without materially changing the district's debt ratios and reserves. Furthermore, despite near-term fiscal pressures, we believe that the strong management team will allow the district to maintain its very strong financial position. Given the above, we do...

Summary