...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...