Summary: Bishop Consolidated Independent School District, Texas; General Obligation; School State Program

S&P Global Ratings assigned its 'AAA' long-term rating and 'A' underlying rating to Bishop Consolidated Independent School District (ISD), Texas' series 2018 unlimited-tax school building bonds. At the same time, we affirmed our 'A' underlying rating on the district's existing general obligation (GO) debt. The outlook on all ratings is stable. The 'AAA' enhanced program rating reflects our view of the ISD's eligibility for, and participation in, the Texas Permanent School Fund (PSF) bond guarantee program, which provides the security of a permanent fund of assets the district can use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, see the report on the Texas PSF, published Jan. 25, 2017, on RatingsDirect.)

...S&P Global Ratings assigned its '###' long-term rating and 'A' underlying rating to Bishop Consolidated Independent School District (ISD), Texas' series 2018 unlimited-tax school building bonds. At the same time, we affirmed our 'A' underlying rating on the district's existing general obligation (GO) debt. The outlook on all ratings is stable. The '###' enhanced program rating reflects our view of the ISD's eligibility for, and participation in, the Texas Permanent School Fund (PSF) bond guarantee program, which provides the security of a permanent fund of assets the district can use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, see the report on the Texas PSF, published Jan. 25, 2017, on RatingsDirect.) The 'A' underlying rating on the bonds reflects our opinion on the district's: + Adequate-to-good income levels, + Very strong market value per capita, and + Very strong reserves. Partly offsetting these strengths is our view of the...

Summary