CENTENNIAL (S&P Global Ratings) June 27, 2018--S&P Global Ratings has assigned its 'AAA' long-term (program) rating and 'A' underlying rating for credit program to Frost Independent School District (ISD), Texas' series 2018 general obligation (GO) unlimited-tax school building bonds. The stable outlook on the program rating reflects S&P Global Ratings' view of the Texas Permanent School Fund's strength and liquidity. "The stable outlook on the underlying rating reflects our opinion that the district will continue to maintain very strong reserves through conservative budgeting," said S&P Global Ratings credit analyst Belle Wu. The 'AAA' program rating reflects our view of the district's eligibility for the Texas Permanent School Fund bond guarantee program. The program provides the security of a permanent fund
