Standard&Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Bishop Consolidated Independent School District, Texas' series 2008 unlimited-tax general obligation (GO) school building bonds. The rating reflects the district's eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets that can be used to meet the debt service on bonds guaranteed by the program. The rating on the program is based on the fund's large, high-quality, and liquid assets; adequate asset-to-guaranteed debt ratio and strong legal provisions that limit the maximum amount of school district debt; and sound program operations, including very good underlying credit quality in the participating school districts and no
