...The 'AA' Issuer Default Rating (IDR) and ULT bond rating are based on San Antonio ISD's strong operating performance, solid expenditure flexibility and moderate long-term liability burden. Despite ongoing enrollment declines, which the district is attempting to stabilize with campus and instructional enhancements, the district's financial prospects remain stable due to its strong control over workforce costs. Economic Resource Base: The district's boundaries incorporate the downtown area of San Antonio (GO bonds rated `AA+'). In 2018, the district's population totaled nearly 357,000; the district is estimated to be 90% built-out by population. Income and educational attainment levels of district residents are well below those of surrounding Bexar County and the state....
