S&P Global Ratings assigned its 'AA-' long-term rating to Fort Stockton Independent School District, Texas' approximately $34.35 million series 2023 unlimited-tax school building bonds. S&P Global Ratings also affirmed its 'AA-' underlying rating on the district's existing general obligation bonds. The outlook is stable. An unlimited ad valorem tax pledge secures the bonds. The 2023 bonds will be used to fund renovations and upgrades to the district's existing facilities. Fort Stockton Independent School District is located in the West Texas Permian Basin, southwest of Odessa and Midland. Its tax base has more than doubled since 2017, primarily due to a substantial increase in oil and gas activities and the addition of solar farms. The district's tax base is concentrated, with
