Summary: Frost Independent School District, Texas; School State Program

S&P Global Ratings has assigned its 'AAA' long-term (program) rating and 'A' underlying rating for credit program to Frost Independent School District (ISD), Texas' series 2018 general obligation (GO) unlimited-tax school building bonds. The 'AAA' program rating reflects our view of the district's eligibility for the Texas Permanent School Fund bond guarantee program. The program provides the security of a permanent fund of assets the district could use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, please see our analysis of the Texas Permanent School Fund, published June 8, 2018, on RatingsDirect.) The bonds are payable from an unlimited-ad valorem tax levied on all taxable property within the district. Officials will

...Frost Independent School District School serves an estimated population of 1,899. Median household and per capita effective buying incomes in the district are adequate at 86% and 75% of national levels, respectively. Market value totaled $115 million in 2018, which we consider strong at $60,533 per capita. Net taxable assessed value grew by a total of 29.6% since 2016 to $115 million in 2018. The 10 largest taxpayers make up an estimated 50.3% of net taxable...

Summary