S&P Global Ratings assigned its 'AA-' underlying rating for credit program and 'AAA' program rating to East Central Independent School District (ISD), Texas' series 2017 unlimited-tax school building bonds. At the same time, we affirmed our 'AA-' underlying rating on the district's general obligation (GO) debt outstanding. The outlook on all ratings is stable. The 'AAA' program rating reflects our view of East Central 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. The 'AA-' underlying rating is based on our assessment of the district's: Access to the broad and
