The 'AAA' rating on Bishop Consolidated Independent School District, Texas' unlimited-tax refunding bonds is based on the Texas Permanent School Fund guarantee. The 'BBB' Standard&Poor's underlying rating (SPUR) reflects the district's: Concentrated local economy and tax base in the petrochemical industry, Trend of diminishing assessed value (AV), and Declining enrollment trends. These factors are mitigated by the district's: Sound financial performance and position; and Low overall debt burden, coupled with limited future capital needs. The district's full faith and credit pledge secures the bonds. The district serves the city of Bishop, Texas, with a population of 3,416, which is four miles northeast of Kingsville, Texas in Nueces County. The local economy is concentrated in the petrochemical industry with
