...The 'AA' IDR and underlying ULT ratings reflect the district's strong operating performance while successfully managing rapid enrollment growth. Long-term liabilities will likely increase in the near-to mid-term as the district expands facility capacity. Fitch believes that despite the increase, liabilities will remain a moderate burden on resources given commensurate population and income growth prospects. Strong area residential and commercial expansion is likely to continue in the long-term, driving strong levels of revenue growth through enrollment gains. Economic Resource Base: The district is located in the northwest part of the Dallas-Fort Worth (DFW) metropolitan area and encompasses a large 232 square miles that include 16 rural communities in Denton, Tarrant, and Wise counties. Population and enrollment growth have been strong since 2000, spurred by the availability of affordable land and location within the broad DFW metro. The district has a 2017 population of approximately...
