S&P Global Ratings assigned its 'AA-? underlying rating to Fort Stockton Independent School District, Texas' approximately $9.315 million series 2026 unlimited-tax refunding bonds. At the same time, we affirmed our ?AA-? underlying rating on the district?s debt outstanding. The outlook is stable. The series 2026 bonds and outstanding unlimited-tax bonds are secured by an unlimited ad valorem tax pledge levied on all taxable property within the district. The district?s series 2024 maintenance tax notes, which will be refunded with this issuance, are secured by a tax levied in the district for maintenance purposes; the tax is limited by law to the district's operating maintenance levy. We make no rating distinction between the district's unlimited- and limited-tax debt because the taxing
