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) is affirmed and reflects the district's: Highly 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 position; and Low overall debt burden, coupled with limited future capital needs. The roughly district serves roughly 1,200 students in the city of Bishop, Texas, with a population of 4,736, which is four miles northeast of Kingsville, Texas in Nueces County. The local economy is concentrated in the petrochemical industry with three chemical plants
